Taylor Wimpey cements financial basis with £250m bond

Taylor Wimpey, the UK house builder, managed to get a £250m high yield bond offer away on Thursday afternoon, but the bookrunners admitted that the deteriorating credit environment had forced the issuer to pay up to get the deal done.

  • 26 Nov 2010

The five year deal was priced at par with a 10.375% coupon. The bonds can be called after three years.

"Market sentiment is reflected in the pricing," said one banker involved in the transaction. "It is wider than it would have been normally."

Some bankers reckoned that Taylor Wimpey ...

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5 Goldman Sachs 74,351.23 293 3.98%

Bookrunners of Euro Denominated Corporate IG Bonds

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5 HSBC 14,553.77 82 5.26%

Bookrunners of European HY Bonds

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1 Goldman Sachs 5,048.40 37 7.53%
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5 Credit Suisse 3,672.86 39 5.48%

Bookrunners of Dollar Denominated HY Bonds

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4 Bank of America Merrill Lynch 12,775.52 117 6.83%
5 Citi 12,347.90 105 6.60%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 25,998.97 110 6.16%
2 BNP Paribas 24,502.49 106 5.81%
3 Barclays 24,303.18 86 5.76%
4 Deutsche Bank 22,812.36 93 5.41%
5 Citi 21,968.90 89 5.21%