Investors pile into debut offering from Tesco Personal Finance

By David Freitas
18 Jul 2019

Tesco Personal Finance ratcheted in the pricing on its debut senior unsecured bond on Thursday, starting with a high new issue concession but bringing it in by 35bp amid hefty investor demand.

The bank raised £250m of senior unsecured debt, with a six year maturity, callable after five years, at 305bp over Gilts. Books reached £1.65bn.

Bookrunners Barclays and Lloyds Bank started out with price thoughts of 340bp area over Gilts.

With books above £1.3bn less than three ...

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