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 75,347.35 359 5.91%
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3 Citi 62,167.71 351 4.88%
4 Barclays 58,729.13 218 4.61%
5 Goldman Sachs 50,207.03 203 3.94%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 BNP Paribas 18,740.11 80 9.75%
2 SG Corporate & Investment Banking 13,968.96 63 7.27%
3 Deutsche Bank 12,777.94 56 6.65%
4 UniCredit 10,968.94 48 5.71%
5 HSBC 10,482.96 60 5.46%

Bookrunners of European HY Bonds

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1 BNP Paribas 3,647.43 42 7.27%
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3 Deutsche Bank 3,153.00 28 6.28%
4 Credit Suisse 2,939.41 27 5.86%
5 Goldman Sachs 2,892.87 27 5.76%

Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 13,575.71 111 9.62%
2 Citi 10,815.50 91 7.67%
3 Goldman Sachs 9,536.47 76 6.76%
4 Bank of America Merrill Lynch 9,455.18 88 6.70%
5 Barclays 9,449.01 71 6.70%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 19,622.23 78 6.66%
2 Barclays 17,915.82 53 6.08%
3 HSBC 17,859.84 77 6.06%
4 Citi 15,926.05 64 5.40%
5 JPMorgan 15,445.30 54 5.24%