I don't think they are interested in Australians buying those notes.
A quick search and read of the announcement did not give me enough detail. But, my understanding is a yield of 5%pa if purchased at nominal face value. This yield would be around 525 basis points above current UK government bond yields. That would be a very good margin, me thinks. I would believe that in 5 years VUK would still operating and in good shape; so risk is acceptable. Since it is a tender, I guess, prices will be bid up over 100%, so real yield would be lower somewhat.
I have no idea how this compares to similar offers from Australian banks.
Anyone any details?
Ann: Tender Offer to Purchase Notes for Cash, page-2
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