Liability management pushes price of Yorkshire Water’s jumbo out

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Liability management pushes price of Yorkshire Water’s jumbo out

July 15, 2009 12:00 am

Yorkshire Water wowed the sterling market on Tuesday with a triple tranche transaction of 10 year, 30 year and long 30 year paper. After setting out to raise £575m, the utility grew the transaction to £650m, including £175m of inflation-linked bonds to mature in December 2039. However, Yorkshire Water Services’s exchange offer, to migrate its outstanding debt into a new ring-fenced structure that closed today, may have added up to 30bp to the price of yesterday’s bonds. To find out how the sterling market reacted to the transaction this week, read EuroWeek this Friday.

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