First sterling double-B out with Yorkshire Water’s holdco bond

Yorkshire Water, the British water utility, is meeting investors for its £155m subordinated holding company bond. The seven year high yield notes are being marketed on Monday and Tuesday.

  • 28 Jan 2013

Pricing is expected thereafter. RBS, Barclays, CBA, HSBC, Lloyds and Santander are arranging the transaction, which will be sold through Kelda Finance.

Yorkshire has not issued high yield bonds before but has sold class ‘A’ and ‘B’ bonds, according to a banker at one of the bookrunners.

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Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 26,801.25 116 7.23%
2 Citi 24,294.27 107 6.55%
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5 Barclays 18,739.72 76 5.06%

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1 BNP Paribas 7,741.23 34 9.96%
2 Deutsche Bank 6,409.32 21 8.25%
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4 HSBC 5,003.70 23 6.44%
5 Citi 4,576.17 26 5.89%

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1 Citi 2,417.98 11 10.88%
2 Deutsche Bank 2,229.13 17 10.03%
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4 JPMorgan 1,733.98 11 7.80%
5 Barclays 1,569.70 11 7.06%

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4 Goldman Sachs 6,155.05 45 6.95%
5 Credit Suisse 5,502.63 40 6.21%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 8,202.93 31 9.23%
2 Deutsche Bank 6,868.10 19 7.73%
3 Citi 6,086.67 25 6.85%
4 JPMorgan 4,814.18 17 5.42%
5 HSBC 4,304.73 21 4.84%