Bellway debuts in US private placement market

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By Silas Brown
25 Nov 2020

UK homebuilder Bellway has sold £130m of US private placements, according to market sources, across seven and 10 years. This is likely to be the last broadly marketed USPP deal of the year.

Lloyds and NatWest Markets arranged the deal for the FTSE 250 company, starting with an initial target of £100m.

The £80m seven year tranche was priced at 245bp over Gilts, while the £50m 10 year clip was at Gilts plus 240bp. US investors dominated the book, according to sources, ...

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