Brakes kicks off sterling high yield week with £200m sale

By Stefanie Linhardt
21 Nov 2013

Brakes Group, the UK food distributor, has sold the first of this week’s sterling high yield bond flurry. The £200m five year note was priced inside guidance with a 7.125% coupon.

The senior secured notes with B3/B- ratings were guided in the 7.25% area on Tuesday afternoon and priced on Thursday afternoon.

“It was a great success,” said a banker close to the deal. “We were able to price it at a pretty tight level. All the top guys ...

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