Nats debuts senior unsecured as ZF builds up Eurobonds

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By Mike Turner
26 Apr 2021

Europe’s high grade bond investors are set to be offered new bonds from both ends of the ratings spectrum this week, as A2 rated air traffic controller Nats (En Route) and fallen angel car parts company ZF Friedrichshafen planned deals.

Nats has mandated for its first senior unsecured trade, in a pivot away from the company’s whole business securitisation financing model. Barclays, BNP Paribas, MUFG and NatWest Markets are running the deal.

The issuer is looking to raise an aggregate £750m across expected 10 year amortising and 12.5 year ...

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