Limiting the search to coupon rates of 9 percent left just two candidates.
The coupon rate on all of them is 4 percent.
The coupon rate is 7.125 percent, to yield about 7.505 percent at a price of 95.625.
Other terms including the coupon rate have not yet been finalised.
The coupon rate would then be set, guaranteeing a blind auction, he said.
The $194.5 million floating-rate class will carry an initial coupon rate of 7.4125 percent.
The coupon rate is reasonable to attract investors, but not high.
Terms to maturity vary widely and so also do coupon rates.
It is not to be confused with a bond's coupon rate.
The global competition for cash means higher coupon rates and lower taxes.