Jaguar Land Rover returns after Covid-19 hiatus

By Owen Sanderson
08 Oct 2020

Jaguar Land Rover, whose February bond issue was one of the first casualties of the coronavirus pandemic in the capital markets, has brought its first bond issue since, strengthening bond terms with a ‘springing lien’ protecting investors against future priming debt.

The UK-based car manufacturer, owned by India's Tata Motors, marketed a dollar bond in late February, but investors noted the company’s reliance on a China-based supply chain, then suffering lockdowns ahead of Europe and the US, and pushed back on price, prompting JLR to pull the deal.

The ...

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