Fly-by bond for Heathrow holding company

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By Owen Sanderson
12 Nov 2019

Heathrow Finance, the holding company for Europe’s largest airport, brought a £250m 10 year bond to market on Tuesday, with global co-ordinators Barclays, BNP Paribas and ING, announcing the bullet maturity deal with no roadshow or marketing effort. The deal was priced through talk and increased to £300m.

The bonds are senior secured liabilities of Heathrow Finance — but this is only a holding vehicle whose sole asset is shares in the corporate securitization wrapping Heathrow Airport, a common structure in UK infrastructure assets.

The secured debt, through Heathrow Funding, is rated A- for the class ...

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