Bond Factsheet
ANVAU 2.2075% 07Aug2030 Corp (AUD)
AusNet Services Holdings Pty Ltd
Indicative
Full Lot
Bid Price 87.144
Change in Bid Price 0.317
Bid Yield (%) 5.910 %
Change in Bid Yield 0.100
Ask Price 87.595
Change in Ask Price 0.318
Ask Yield (%) 5.769 %
Change in Ask Yield 0.099
Indicative price as of 02 Oct 2026, 4:33pm
Bond Issuer
AusNet Services Holdings Pty Ltd
Guarantor
Subsidiaries
Announcement Date
28 Jul 2020
Issue Date
07 Aug 2020
Maturity Date
07 Aug 2030
Years to Maturity / Next Call
3.840 / -
Modified Duration
3.496 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
2.2075
Coupon Type
Fixed
Annual Coupon Rate
2.2075
Coupon Frequency
Annually
Seniority
Senior Unsecured
Reference Rate
-
ISIN
XS2212009000
CUSIP
BK6864346
Bond Currency
AUD
Total Issue Size
150,000,000
Min. Investment Quantity (Nominal)
AUD 500,000
Incremental Quantity (Nominal)
AUD 500,000
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
(i) The Rate of Interest 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 Rate of Interest payable on the Notes in respect of the Interest Period commencing on such Interest Payment Date shall be the Coupon (as defined above) (the °Initial Rate of Interest'). For the avoidance of doubt, the Rate of Interest payable on the Notes shall remain at the Initial Rate of Interest, 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 Rate of Interest shall be adjusted such that the Rate of Interest, with effect from the Interest Period commencing on such Interest Payment Date (subject to any further adjustment pursuant to this Condition 6(g)), for each subsequent Interest Period thereafter, will increase above the Initial Rate of Interest 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 Rate of Interest above the Initial Rate of Interest plus 1.00 per cent. 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 Rate of Interest payable on the Notes shall be the Initial Rate of Interest plus 1.00 per cent If both Rating Agencies assign ratings of Ba2/813 or lower (or equivalent) the Rate of Interest payable on the Notes shall be the Initial Rate of Interest plus 2.00 per cent.;
(b) either Rating Agency has announced a Step Down Rating Change which change remains in effect on the relevant Interest Payment Date, the Rate of Interest shall be adjusted such that the Rate of Interest, with effect from the Interest Period commencing on such Interest Payment Date (subject to any further adjustment pursuant to this Condition 6(g)), for each subsequent Interest Period thereafter, will decrease by either:
(i) 0.25 per cent. 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) an initial 0.50 per cent per Rating Agency if the Base Rating was at such time Bel /BB+ (or equivalent) or lower plus an additional 0.25 per cent. per notch per Rating Agency for every notch the newly assigned rating is above Baa3/131313- (or equivalent);
until the Rate of Interest equals the Initial Rate of Interest (and for the avoidance of doubt, the Rate of Interest shall never be less than the Initial Rate of Interest);
Additional Note
(i) not less than 30 nor more than 60 days' notice to the Noteholders in accordance with Condition 15; and
(ii) not less than 15 days before the giving of the notice referred to in (i), notice to the Principal Paying Agent and the Trustee, (which notices shall be irrevocable and shall specify the date fixed for redemption), redeem all or some only of the Notes then outstanding on any Optional Redemption Date and at the Optional Redemption Amount(s) determined as specified in this Condition 8(c).
Optional Redemption Amount" means with respect to each Note the greater of:
(i)100 per cent. of the principal amount of the Notes being redeemed; and (ii) the sum, as determined by the Calculation Agent, of the present values of the remaining scheduled payments of principal and interest on such Note to be redeemed (not including any portion of any such interest accrued to the Optional Redemption Date on an annual basis, assuming a day count fraction of Actual/365(fixed), adjusted) discounted to the Optional Redemption Date at the Reference Rate,
plus, in each case, any accrued and unpaid interest thereon and any accrued and unpaid additional amounts which may be payable with respect to the Notes under Condition 9 to the Optional Redemption Date.
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