That’s Asda priced

By Owen Sanderson
11 Feb 2021

The financing for the Issa brothers and TDR Capital’s buyout of Asda was priced on Wednesday, breaking multiple records in the process and showing that, for the right issuer in the right conditions, the sterling market can shoulder the bulk of a multi-billion LBO package. Owen Sanderson reports.

The £2.25bn ($3.11bn) secured and £500m unsecured bond legs combined to become the largest sterling high yield bond ever, the tightest sterling HY debut, the tightest secured/unsecured differential for a new issue LBO, the largest sterling corporate bond, the largest book for a sterling HY deal, the largest ...

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