Towergate drops high yield tap, plans to sell £396m in FRNs

Towergate, the UK insurance broker, has dropped plans to tap its 8.5% February 2018 notes and instead plans to raise £396m purely through a new floating rate issue.

  • 30 Apr 2013

The company intends to sell five year FRNs in the Libor plus 575bp-600bp area tomorrow.

Global coordinators Credit Suisse (billing and delivering), Goldman Sachs and Lloyds are planning to close books at 9.30am London time on Wednesday, with pricing thereafter. Citi, JP Morgan and Morgan Stanley are joint bookrunners.

Towergate ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 15.35
2 Rabobank 14.41
3 Morgan Stanley 11.73
4 Barclays 8.99
5 Credit Agricole 7.57

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Feb 2017
1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%