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Brakes seeks £200m high yield debut in busy sterling week

Food distributor Brakes is one of three high yield issuers trying to sell sterling bonds this week. The company, owned by Bain Capital, hopes to issue £200m of five year notes.

  • By Stefanie Linhardt
  • 18 Nov 2013

Payday lender DFC Global and housing group Grainger are also preparing sterling high yield deals.

Brakes' transaction will be senior secured and have a first call option after two years. It is expected to be rated B3/B-.

Barclays is billing and delivering and HSBC also bookrunning.

A roadshow started ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
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1 Citi 3,237 10 19.12
2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
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1 Citi 33,707.86 107 11.65%
2 JPMorgan 26,311.06 76 9.09%
3 Wells Fargo Securities 25,846.25 72 8.93%
4 Bank of America Merrill Lynch 23,273.95 75 8.04%
5 Barclays 17,494.57 59 6.04%