Next clears old lines in summer sale

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By Alex Radford
07 Aug 2019

Next, the Baa2/BBB (negative) UK retailer broke a dry spell for corporate investment grade issuance on Wednesday when it sold £50m of bonds retained from a new issue done in April.

The original deal was a £250m 3% six year note.

“When they did the previous transaction, they were basically raising a little bit more debt capital just before the October [Brexit] deadline,” said one investor.  “They are just being very opportunistic. Issuance has been fairly tepid over the ...

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