STRPPSouthern Tasmanian Regional Planning Project (Australia)
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The maturity of the bonds range from 3.5 to 7 years on STRPP basis.
There are four different tranches with different maturities under the same issuance: a five-year bullet bond of $25 million, a 10-year bullet bond of $25 million, and two separately tradeable redeemable principal parts (STRPPs) with maturities ranging from 13 to 20 years.
The STRPPs include callable bonds and has been priced in a range of 20 to 30 basis points above the relevant maturity IGB benchmark yields, with coupons of 8.88 percent (for maturities of 13 to 18 years) and 9.00 percent (for maturities of 19 to 20 years).