Domestic & General drops sterling floater

Bitten Pound
By Owen Sanderson
17 Jul 2019

Left lead Barclays dropped the floating rate sterling tranche from the high yield bonds for Domestic & General’s fundraising to refinance old debt and pay a dividend to its old owners, replacing it with a smaller euro floater and a large fixed-rate issue.

The original package, announced last week, was an all-sterling deal with a £250m ($312.2m) secured seven year non-call one floating rate note (FRN).

On Tuesday afternoon, this tranche was removed and a €200m euro FRN added, while the £230m fixed rate seven year non-call three was increased to ...

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