Investors drink deep as Affinity opens fresh source of UK water paper

Affinity Water, a small UK water-only company sold by Veolia last year, sold its first bond for eight years today, raising £480m through a new whole business securitisation. The deal was on the large side for a UK utility, and offered investors a choice of three fixed rate and index-linked tranches.

  • 28 Jan 2013

HSBC, Lloyds, RBC Capital Markets and Royal Bank of Scotland led the transaction, which followed a roadshow to London and Scotland from Tuesday last week.

Rated A3/A-, the class ‘A’ bonds from Affinity Water Programme Finance Ltd are rated higher by Standard & Poor’s than the company’s existing bond, ...

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