Kennedy Wilson closes £300m bond with 3.35% coupon

Kennedy Wilson Europe Real Estate (KWE) has closed its £300m debut senior unsecured bond with a 3.35% coupon. The seven-year bond, rated BBB by Standard & Poor’s, has an annual fixed coupon of 3.95%. The coupon was effectively reduced to 3.35%, 10 bps lower than expected, as a result of KWE entering into swap arrangements to convert 50% of the proceeds into euros.