Thames Water gets £400m as Morgan Stanley scoops sole mandate

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By Victor Jimenez
12 Dec 2016

The UK’s largest water company, Thames Water, on Monday sold a £400m Class A bond, helping corporate bond issuance in sterling recover to 2014’s level.

Thames Water on Monday printed £400m of 42 year Class A unwrapped bonds maturing in 2058. The issue, rated A3/A-, came at 198.55 with a 7.738% coupon to yield 3.29%.

Morgan Stanley was bookrunner.

Issuance of corporate investment grade sterling bonds this year has already surpassed 2015’s ...

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