Sub notes outperform as Welsh Water taps sterling

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By Mike Turner
17 Feb 2020

Dwr Cymru Welsh Water, the UK utility, opened books for a senior and subordinated sterling bond issue on Monday, as the mandates from last week start to trickle through to investors' screens.

The A3/A-/A- rated company launched a £200m no-grow six year tranche and a £300m no-grow 13 year.

The six year note is subordinated, with expected ratings of BBB/BBB+. This created a 55bp spread between the two tranches at initial price thoughts.

Bookrunners HSBC and Lloyds opened books for Welsh Water's ...

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