Cuspy Marks & Spencer bags a £2bn book

By Alex Radford
03 Jul 2019

An undersupplied sterling bond market was on Wednesday given two new corporate deals to chew on: a £350m three year from carmaker BMW and a £250m no-grow eight year from UK retailer Marks & Spencer. Abertis Infraestructuras, the Spanish roll road operator, also offered a €1.3bn six and 10 year deal.

One banker thought the recent performance of sterling deals boded well for Wednesday’s sterling notes. “In absolute terms the market is undersupplied, particularly considering the amount of cash sterling investors have,” said a banker away from the deals. “Looking back to many other sterling trades, the new issue ...

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