Dixons sells first HY deal from UK retailer since May 2011

UK electronics retailer Dixons Retail sold its £150m 2017 bond on Tuesday, after less than two days of marketing. The bonds came with an 8.75% coupon to yield 9%, in line with 9% area guidance.

  • 11 Sep 2012

“The fact that Dixons is able to come tells you a lot about the state of the market,” said a high yield investor.

Earlier in the year and during the second half of 2011, new issues from speculative grade rated UK retailers would have been smiled at. The ...

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5 SG Corporate & Investment Banking 14,434.81 77 5.60%

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5 Barclays 4,075.90 34 6.05%

Bookrunners of Dollar Denominated HY Bonds

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5 Morgan Stanley 17,410.41 103 6.96%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Deutsche Bank 22,857.42 74 6.70%
2 HSBC 22,396.75 99 6.56%
3 Barclays 21,691.19 94 6.36%
4 BNP Paribas 21,322.17 102 6.25%
5 Citi 19,362.38 80 5.68%