Kelda joins UK water’s high yield club with hot £200m

Kelda Group, owner of Yorkshire Water, issued its first holding company bonds since 2001 today, following the example of other UK water companies in using subordinated high yield debt to increase leverage.

  • 30 Jan 2013

The £155m bond, rated BB-/BB+, was increased to £200m amid strong demand for high yielding paper, and was still more than 2.5 times oversubscribed.

“It was a pretty strong book,” said a banker at one of the physical bookrunners, Barclays and Royal Bank of Scotland, “mainly the big UK ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 5,527.81 34 6.30%
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4 Citi 4,705.13 36 5.36%
5 BNP Paribas 4,535.94 23 5.17%

Bookrunners of Euro Denominated Corporate IG Bonds

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4 Mitsubishi UFJ Financial Group 1,577.41 6 6.97%
5 ING 1,477.05 5 6.53%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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3 JPMorgan 315.65 2 7.65%
3 Goldman Sachs 315.65 2 7.65%
5 Morgan Stanley 300.05 2 7.27%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 1,520.60 13 8.56%
2 Wells Fargo Securities 1,464.08 13 8.24%
3 Bank of America Merrill Lynch 1,439.21 14 8.10%
4 JPMorgan 1,316.62 12 7.41%
5 Morgan Stanley 1,261.20 10 7.10%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 BNP Paribas 2,459.18 9 10.09%
2 UniCredit 1,892.23 6 7.76%
3 Bank of America Merrill Lynch 1,585.30 5 6.50%
4 Mitsubishi UFJ Financial Group 1,577.41 6 6.47%
5 ING 1,477.05 5 6.06%