National Grid, BAA keep both ends of sterling jumping
After a long dry period, the sterling corporate bond market has suddenly become busy. AT&T’s £1.25bn 32 year deal last week was followed today by two deals from the market’s staple sector – regulated UK infrastructure businesses. One, National Grid, has been a rare public issuer in recent years, while the other, BAA, has had a very active 2012.
Bankers believe there will be more issuance on Wednesday and Thursday if market conditions remain stable and possibly even on Friday, despite the non-farm payroll figures announcement.
One deal likely to emerge on Wednesday will be a 10 year benchmark sterling issue for BAE Systems, the UK defence
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