Investors clamour for cheap AA refinancing

UK vehicle breakdown recovery and car insurance company the AA plc sold £550m ($726.63m) of new bonds on Tuesday as part of liability management exercise involving buying back existing debt and repaying a term facility, but it paid a juicy spread to get the deal done.

  • By Nigel Owen
  • 11 Jul 2018

On July 2 the AA (previously branded the Automobile Association) announced it would tender for between £250m-£350m of its £500m Class A3 secured notes with an expected maturity date of 2020, as well as prepaying its existing £250m senior term facility due 2021 in full.

The refinancing ...

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All Corporate Bonds

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1 JPMorgan 76,614.41 395 5.63%
2 Citi 70,238.56 378 5.16%
3 Bank of America Merrill Lynch 69,149.21 374 5.08%
4 Barclays 61,172.01 270 4.50%
5 Goldman Sachs 52,037.90 257 3.82%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 20,165.66 52 8.68%
2 BNP Paribas 15,996.41 91 6.88%
3 SG Corporate & Investment Banking 14,245.63 62 6.13%
4 Bank of America Merrill Lynch 14,105.99 45 6.07%
5 Deutsche Bank 13,105.24 66 5.64%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Deutsche Bank 2,970.40 18 7.46%
2 JPMorgan 2,822.43 22 7.09%
3 Citi 2,783.23 20 6.99%
4 BNP Paribas 2,674.33 25 6.72%
5 Goldman Sachs 2,523.29 20 6.34%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 16,399.18 133 10.00%
2 Citi 14,953.44 126 9.12%
3 Bank of America Merrill Lynch 12,235.32 104 7.46%
4 Goldman Sachs 12,091.12 94 7.37%
5 Morgan Stanley 9,577.47 74 5.84%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 15,535.37 89 5.81%
2 SG Corporate & Investment Banking 13,809.62 65 5.16%
3 Barclays 13,651.30 58 5.10%
4 JPMorgan 13,469.46 59 5.03%
5 Citi 13,203.46 60 4.94%