BAT gets £650m as buyers gobble 13yr

By Jon Hay
05 Sep 2013

British American Tobacco returned to the sterling bond market after a four year gap on Monday and raised £650m, amid an enthusiastic response from investors.

The company had never issued in sterling before with single-A ratings, which it gained from Moody’s in March this year, and from Standard & Poor’s and Fitch in November 2012.

“A few of the sterling deals before the summer — Rolls-Royce, América Móvil — didn’t go that well, ...

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