Orbit Capital’s books bulge as mandates stack up

By Mike Turner
17 Nov 2020

Orbit Capital, the UK housing association, had its £300m November 2038 bond issue more than five times subscribed on Tuesday, as more borrowers line up trades in a rip-roaring week for new corporate bond issuance in Europe.

Orbit Capital, rated A3, opened books on a trade at 155bp over Gilts. It had held investor calls on Monday considering a 15 or 18 year trade, and opted for the longer maturity.

The gambit paid off. Demand hit £1.75bn by the time the spread was set at 135bp ...

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