Two weeks ago we reported that Asciano tapped the 10y bond market to raise $350m at a 4.8% yield to maturity. Following this, bond dealer FIIG has begun offering the bond to wholesale investors in $10,000 parcels under its Direct Bond service. Under this service, FIIG, holds the minimum nominal size of the bonds ($500k) under its custodial service and issues smaller parcels (or the rights to smaller parcels) to investors. The Asciano bond is one of the highest yielding Australian investment grade bonds available at the moment but investors should ensure they understand the holding structure for the bonds and whether this entails any additional risks on top of the company credit exposure.