Hedging query

I am a UK investor with GBP to invest, but want to invest in a USD denominated asset (eg shares
representing a portion of the NAV of a USD base currency loan and bond fund). The characteristics
of the USD denominated asset are:

  • Market value: USD 50m
  • Current USD coupon: 6% (annual, a/365)
    I want to hedge this asset back into GBP (as that is my base currency as an investor). I have just
    taken out the following spot and forward contract to do so (my hedging policy is to use rolling 1
    month FX forwards):
  • Trade date: 24 Jan 18
  • Spot settlement date: 26 Jan 18
  • Spot leg: Buy USD 50m, sell GBP
  • Forward settlement date: 26 Feb 18
  • Forward leg: Buy GBP, sell USD 50m
  • Spot FX rate (expressed as USD per 1 GBP): 1.411
  • FX forward points: +15
  • FX forward rate: 1.4125
    What is the impact (as an annual rate, a/365) on the coupon on my investment as a result of the
    hedge taken out (ie what is my aggregated/net coupon in GBP terms including the yield impact of
    the share class hedging)?

Any help would be appreciated:)