BAA taxis to runway but is not yet cleared for take-off

08 Sep 2011

BAA, the UK airports group, announced an investor call on Thursday morning for a possible euro issue, to be led by Bank of America Merrill Lynch, BNP Paribas, HSBC and Santander.

Market participants expected BAA to launch a bond soon after the call, which took place at 9.15am, but the deal did not emerge.

"A deal like this takes more time because it’s viewed as a secured bond, so it doesn’t go in the indexes," said a syndicate banker ...

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