Innovative £83m Salford PFI bond finances urban facelift

Investec has placed an innovative £82.6m senior and subordinated bond to finance the renovation of an area of housing in Salford, near Manchester, under the private finance initiative (PFI).

  • By Jon Hay
  • 20 Sep 2013

Salford City Council has given the contract to refurbish 1,270 existing dwellings in the Pendleton area and then manage them for 30 years to Together Housing, a housing association.

The financing for the project was bid out separately, and the mandate won by FHW Capital, a boutique set ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 81,498.74 352 7.26%
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3 Citi 67,601.26 321 6.02%
4 Barclays 55,362.73 221 4.93%
5 Goldman Sachs 54,047.07 221 4.82%

Bookrunners of Euro Denominated Corporate IG Bonds

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5 SG Corporate & Investment Banking 9,719.13 51 5.66%

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5 Citi 3,618.87 24 6.84%

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4 Goldman Sachs 12,300.74 87 7.29%
5 Barclays 11,596.83 70 6.88%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Danske Bank 40,548.61 42 14.16%
2 Svenska Handelsbanken AB 38,163.35 21 13.33%
3 BNP Paribas 15,055.84 69 5.26%
4 Deutsche Bank 14,548.66 47 5.08%
5 Citi 12,612.10 54 4.41%