Cadent Gas sells one of UK utility sector's largest private placements

Cadent Gas has sold £680m-equivalent of US private placements (US PP) across several tranches, in dollars and sterling, according to market participants, in one of the largest PP transactions from a UK utility on record. This is evidence that PP investors are not shying away from UK names, market participants claim, even amid the uncertainty of Brexit.

  • By Silas Brown
  • 04 Mar 2019

Bank of America and Lloyds arranged the inaugural deal for Cadent Gas.

One US PP player away from the deal said that a 12 year tranche was sold at 151bp over Gilts and a 20 year tranche at Gilts plus 137bp. The spread being higher on ...

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