Towergate drops high yield tap, plans to sell £396m in FRNs

Towergate, the UK insurance broker, has dropped plans to tap its 8.5% February 2018 notes and instead plans to raise £396m purely through a new floating rate issue.

  • 30 Apr 2013

The company intends to sell five year FRNs in the Libor plus 575bp-600bp area tomorrow.

Global coordinators Credit Suisse (billing and delivering), Goldman Sachs and Lloyds are planning to close books at 9.30am London time on Wednesday, with pricing thereafter. Citi, JP Morgan and Morgan Stanley are joint bookrunners.

Towergate ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 118,624.20 342 12.98%
2 Bank of America Merrill Lynch 99,769.11 286 10.92%
3 Wells Fargo Securities 86,271.10 256 9.44%
4 JPMorgan 67,323.36 205 7.37%
5 Credit Suisse 49,265.86 144 5.39%