Tabcorp sets margin and CFO delighted with funding diversity

On April 1 joint lead managers for the A$200 million (US$137 million) five-year Tabcorp Bonds (BBB+) completed the bookbuild and set the margin at 425 basis points over the bank bill swap rate (BBSW) - the middle of the indicative range of 400-450 basis points announced last week. The leads say 15 per cent of the buyers are institutional investors, the book is fully subscribed, and they anticipate the issuer will price more than the minimum amount by the time of the May 1 issue date.