Investors ready to flock to Towergate’s HY debut

04 Feb 2011

UK insurance intermediary Towergate is set to price a £520m debut high yield bond on Friday, which investors expect to be heavily oversubscribed.

The deal will be only the second European junk bond of the week, following Irish packaging firm Ardagh Group’s Eu200m tap on Tuesday.

"High yield supply just isn’t keeping up with demand," said an investor in London. "This week’s been especially light. There’s no issuer in the immediate pipeline, ...

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