Bond Factsheet
ANVAU 2.600% 31Jul2029 Corp (AUD)
AusNet Services Holdings Pty Ltd
Indicative
Full Lot
Bid Price 91.728
Change in Bid Price 0.068
Bid Yield (%) 5.636 %
Change in Bid Yield 0.027
Ask Price 91.898
Change in Ask Price 0.068
Ask Yield (%) 5.570 %
Change in Ask Yield 0.026
Indicative price as of 06 Oct 2026, 4:04pm
Bond Issuer
AusNet Services Holdings Pty Ltd
Guarantor
Subsidiaries
Announcement Date
24 Jul 2019
Issue Date
31 Jul 2019
Maturity Date
31 Jul 2029
Years to Maturity / Next Call
2.817 / -
Modified Duration
2.639 @ 06 Oct 2026
Issue / Reoffer Price
99.064
Issue / Reoffer Yield
2.7075
Coupon Type
Fixed
Annual Coupon Rate
2.600
Coupon Frequency
Semi Annually
Seniority
Senior Unsecured
Reference Rate
-
ISIN
AU0000053241
CUSIP
AZ5939345
Bond Currency
AUD
Total Issue Size
350,000,000
Min. Investment Quantity (Nominal)
AUD 10,000
Incremental Quantity (Nominal)
AUD 10,000
Bond Type
Corporate
Bond Sector
Utilities
Bond Sub Sector
Electric Utilities
Issuer Credit Rating (S&P/ Fitch)
***/ W.R
Bond Credit Rating (S&P/ Fitch)
***/ N.R
Shariah Compliant
No
Exchange Listed
Others
Coupon Step
The Interest Rate payable on the Notes will be subject to adjustment from time to time in the event of a Step Up Rating Change or a Step Down Rating Change as follows:
(A) if the Notes are assigned a credit rating from the two Rating Agencies of Baa1/BBB+ (or equivalent) or better as at any Interest Payment Date, the Interest Rate payable on the Notes in respect of the Interest Period commencing on such Interest Payment Date shall be 2.60% per annum (the “Initial Interest Rate”). For the avoidance of doubt, the Interest Rate payable on the Notes shall remain at the Initial Interest Rate, notwithstanding any increase in the rating assigned to the Notes above Baa1/BBB+ (or equivalent);
(B) if in the Interest Period ending on the date immediately prior to an Interest Payment Date:
(a) either Rating Agency has announced a Step Up Rating Change, the Interest Rate payable on the Notes shall be adjusted such that the Interest Rate, with effect from the Interest Period commencing on such Interest Payment Date (subject to any further adjustment pursuant to this Condition), for each subsequent Interest Period thereafter, will increase above the Initial Interest Rate by an amount per Rating Agency equal to the percentage set out opposite the applicable lower rating of the Notes assigned by that Rating Agency in the table below:
| Rating (or equivalent) | Applicable percentage adjustment per Rating Agency |
|---|---|
| Baa2/BBB | 0.25 |
| Baa3/BBB- | 0.50 |
| Ba1/BB+ (or lower) | 1.00 |
For the avoidance of doubt, should one Rating Agency announce one or more Step Up Rating Changes that in aggregate result in the rating assigned to the Notes by that Rating Agency being Ba2/BB or lower (or equivalent), no further increase in the Interest Rate above the Initial Interest Rate plus 1.00% per annum shall occur in respect of Step Up Rating Changes announced by that Rating Agency.
Accordingly, if one Rating Agency assigns a rating of Ba2/BB or lower (or equivalent), the Interest Rate payable on the Notes shall be the Initial Interest Rate plus 1.00% per annum. If both Rating Agencies assign ratings of Ba2/BB or lower (or equivalent) the Interest Rate payable on the Notes shall be the Initial Interest Rate plus 2.00% per annum;
(b) either Rating Agency has announced a Step Down Rating Change which change remains in effect on the relevant Interest Payment Date, the Interest Rate payable on the Notes shall be adjusted such that the Interest Rate, with effect from the Interest Period commencing on such Interest Payment Date (subject to any further adjustment pursuant to this Condition), for each subsequent Interest Period thereafter, will decrease by either:
i. 0.25% per annum per notch per Rating Agency for each notch above the rating which is assigned by that Rating Agency to the Notes immediately prior to the announced Step Down Rating Change (the “Base Rating”) if the Base Rating was at such time at Baa3/BBB- (or equivalent) or higher; or
ii. (ii) an initial 0.50% per annum per Rating Agency if the Base Rating was at such time Ba1/BB+ (or equivalent) or lower plus an additional 0.25% per annum per notch per Rating Agency for every notch the newly assigned rating is above Baa3/BBB- (or equivalent);
until the Interest Rate equals the Initial Interest Rate (and for the avoidance of doubt, the Interest Rate shall never be less than the Initial Interest Rate)
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