APT Pipelines Ltd (AUPIP) 2021-1

EUR600.0008Mar-29Sr. UnsecuredBaa2BBB-FixedSwapsMS+100 aMS+90900.75%1599.65300
EUR500.00012Mar-33Sr. UnsecuredBaa2BBB-FixedSwapsMS+125 aMS+1151151.25%1599.51400
GBP250.00015Mar-36Sr. UnsecuredBaa2BBB-FixedGG+160-165G+1501502.50%12.599.40700
Tranche Comments
8 yr: Book size: 800; Registration: Reg S Only; Comments: EUR600m 8yr snr unsec RegS. With 12yr EUR, 15yr GBP. Baa2/BBB. BNPP/Citi(B&D)/HSBC/JPM. IPTs MS+100 area, set MS+90 for exp 600m, launch 600m, EUR bks >1.6bn (skew to 8y), peak >1.9bn. MWC B+20, 3mPC. B+123.8bps v DBR 0.25 02/29 (105.61). HR 92%. LEI: 261700SS8OEHDOCOUJ33; 12 yr: Book size: 750; Registration: Reg S Only; Comments: EUR500m 12yr snr unsec RegS. With 8yr EUR, 15yr GBP. Baa2/BBB. BNPP/Citi/(B&D)HSBC/JPM. IPTS MS+125 area, set MS+115 for exp 500m, launch 500m, EUR bks >1.6bn (skew to 8y), peak >1.9bn. MWC B+25, 3mPC. B+159.6bps v DBR 0.00 02/31 (103.05). HR 107%. LEI: 261700SS8OEHDOCOUJ33; 15 yr: Book size: 375; Registration: Reg S Only; Comments: GBP250m 15yr snr unsec RegS. With 8yr/12yr EUR. Baa2/BBB. BNPP/Citi(B&D)/HSBC/JPM. IPTs G+160/+165 vs 4.25% 3/36, set G+150 for exp 250m, launch 250m, bk >375m pre rec @final, peak >400m. MWC G+25, 3mPC. Gilt mid 144.59 / bid 144.53. HR 72%. FTT 4.30pm. LEI: 261700SS8OEHDOCOUJ33;
Use of Proceeds
Refinancing and general corporate purpose