Asda makes sterling statement with £8bn+ orders for LBO bonds

asda from company 575 375
By Owen Sanderson
10 Feb 2021

Asda has definitively demonstrated the sterling high yield market’s capacity to do size, garnering more than £8bn of orders across the two tranches of its buy-out financing. Investors bemoaning their likely miserable allocations, however, may find some cold comfort in a refi issue from fellow UK supermarket Iceland, announced on Wednesday.

Left lead Barclays launched the bond leg of the Asda buy-out on Monday, announcing the largest ever single tranche in European high yield, and a deal more than double the size of any HY print in sterling — £2.25bn in secured notes, and £500m in unsecured.

On Wednesday, ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial