Daa and Akelius leap on green day to raise debt in volatile market
Daa, the Irish airport operator, and Akelius, the UK residential property company, snatched the chance to raise funds on Thursday, the most stable day for the bond market this week. But demand has been muted as jitters about lockdowns and next week’s US presidential election kept some investors on the sidelines.
Daa, rated A- by S&P, opened books on a €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 was launched at 180bp over mid-swaps, demand had reached €1.9bn.“It’s a ...