Weak market clobbers Aston rescue package

Aston Martin’s rescue financing was battered by brutal markets late last week, with the Crossover widening around 40bp between announcement and pricing and risky triple-C rated bonds selling off still further. Tuesday’s price talk of high 8% to 9% proved far too ambitious for the troubled UK car manufacturer and the deal eventually cleared at 10.5% on Friday afternoon, after investors were offered extra upside through a longer non-call to tempt them into the book.