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 Barclays 5,603.96 21 5.19%

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5 Bank of America Merrill Lynch 1,125.97 7 5.51%

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Bookrunners of Dollar Denominated HY Bonds

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5 Barclays 534.16 7 7.05%

Bookrunners of European Corporate IG Bonds

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2 Barclays 2,536.07 5 7.14%
3 JPMorgan 2,444.85 4 6.88%
4 Bank of America Merrill Lynch 2,436.88 6 6.86%
5 Deutsche Bank 2,311.73 5 6.51%