Nats ditches WBS to land unsecured debut

By Mike Turner
28 Apr 2021

Nats (En Route), the UK’s monopoly air traffic control operator, printed two unsecured bonds on Wednesday, rather than its more typical whole business securitization format of financing. Investors were enamoured with the rare chance to pick up a highly rated name with some unusual features.

Nats, rated A2/A+, opened books on a March 2031 amortising sterling benchmark at 100bp over Gilts and a September 2033 bullet benchmark at 105bp-110bp over.

BNP Paribas and NatWest Markets were global coordinators, joined in the active bookrunner group by Barclays, Commerzbank, HSBC and RBC Capital Markets.

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