Motability shaves pricing as issuers gain clout
Motability Operations Group, the UK company that leases cars to disabled people and their carers, completed a successful bond sale on Monday that was the first dual currency issue in the European corporate market this year.
The A2/A+ rated company raised 550m of short seven year debt and £300m of 15 year money. As usual, Motability used as bookrunners the four banks that are also its four shareholders Barclays Capital, HSBC, Lloyds and Royal Bank of Scotland.
The strong bid for corporate paper that
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