After fanfare, WPD returns quietly for £100m linker

Western Power Distribution, the UK electricity utility owned by Pennsylvania’s PPL Corp, raised £100m on Monday May 23, just two weeks after issuing the biggest ever triple-B rated corporate bond in sterling.

  • 24 May 2011

That issue, comprising £600m of short 12 year bonds and an £800m 21 year tranche, was priced on May 10 at 168bp and 163bp over Gilts. The shorter note was issued by WPD East Midlands and the longer one by WPD West Midlands.

The two are separate companies ...

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5 Goldman Sachs 59,388.99 229 4.13%

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5 HSBC 11,205.29 61 5.42%

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Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 15,833.26 127 9.86%
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5 Barclays 10,908.60 83 6.79%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 20,417.95 85 6.41%
2 BNP Paribas 19,882.59 80 6.25%
3 Barclays 18,647.73 58 5.86%
4 Deutsche Bank 17,562.97 71 5.52%
5 Citi 17,352.89 69 5.45%