Daa and Akelius pounce on calmer markets to raise debt
Daa, the Irish airport operator, and UK residential property company Akelius snatched the chance to raise funds on the most stable day this week. But demand has been muted as jitters about lockdowns and next week’s US presidential election kept some investors on the sides.
Daa, rated A- by S&P, opened books on its €500m no-grow January 2032 trade at 200bp over mid-swaps. Leads saw fair value as somewhere in the mid to high 100bp, suggesting around 170bp-175bp
By the time the trade launched at 180bp over mid-swaps, demand had reached €1.9bn.“It’s a technical ...