National Express prices £250m bond at or through curve despite Gilt moves

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By Mike Turner
13 Nov 2019

National Express printed a £250m nine year bond at what looked like a zero concession to its curve on Wednesday, overcoming some sharp moves in the Gilt market.

The coach operator, rated Baa2/—/BBB, announced initial price thoughts of Gilts plus 200bp-205bp for a £250m no-grow trade at market open.

“We came out aggressive,” said a banker at one of the leads.

Bookrunners BNP Paribas, Commerzbank, NatWest Markets and Wells Fargo arrived at IPTs by extrapolating from the issuer’s ...

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