Miller Homes builds debut HY offering in tightening sterling market

UK housebuilder Miller Homes this week brought its first high yield deal, coming at a time when spreads on sterling bonds with speculative grade ratings have tightened more than 100bp so far this year.

  • By Nigel Owen, Victor Jimenez
  • 21 Sep 2017

Miller Homes announced plans to sell up to £250m of seven year non-call three bonds and up to £200m of floating rate notes with a six year maturity and a non-call period of one year when it started a two day investor roadshow on Tuesday.

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1 JPMorgan 27,131.20 86 8.49%
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3 Goldman Sachs 16,576.80 68 5.19%
4 Deutsche Bank 15,107.77 87 4.73%
5 HSBC 14,990.50 96 4.69%

Bookrunners of European HY Bonds

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1 JPMorgan 8,469.76 69 8.01%
2 Goldman Sachs 8,116.84 64 7.67%
3 Credit Suisse 6,908.88 70 6.53%
4 Deutsche Bank 6,384.59 62 6.04%
5 BNP Paribas 5,941.97 66 5.62%

Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 37,132.38 289 10.73%
2 Citi 29,048.74 232 8.39%
3 Bank of America Merrill Lynch 28,989.38 252 8.38%
4 Goldman Sachs 24,953.24 183 7.21%
5 Barclays 23,148.60 155 6.69%