AA gets £1.3bn WBS away amid headwinds

By Jon Hay
28 Jun 2013

The UK’s largest car breakdown assistance company, the Automobile Association, overcame turbulent market conditions this week to price the first investment grade and high yield bonds from a new whole business securitization platform.

It was one of only a very small number of WBS transactions ever done for a company whose business franchise does not rely on the ownership of specific property.

The AA’s debut issue from its new £5bn MTN programme was one of only a handful of European bonds ...

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