UK Manweb finds right spread for Spanish links

06 Sep 2012

The first sterling deal since the summer break came on Wednesday, achieving a solid sale and aftermarket performance — SP Manweb’s £250m 15 year debut transaction.

HSBC, Lloyds, Royal Bank of Scotland and Santander led the Baa1/BBB+ rated bond, which is for the local electricity distribution network in the Manchester area, owned by Scottish Power, a subsidiary of Iberdrola.

Although SP Manweb had not issued before, a close comparable existed in the bond of SPD ...

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