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Virgin bags £5bn of orders for crossover bond

UK cable firm Virgin Media sold a blowout £960m-equivalent crossover bond on Thursday, increasing the deal from £750m after investment grade accounts piled into it with £5.3bn of orders.

  • 25 Feb 2011

The company, rated Ba1/BB/BB+, having been upgraded one notch by each agency following its results on February 17, launched the 10 year non-call life sterling and dollar transaction on Wednesday.

Guidance on the senior secured note, itself rated Baa3/BBB-/BBB-, was released on Thursday morning at Gilts plus 200bp-210bp for ...

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1 Bank of America Merrill Lynch 111,770.68 471 6.03%
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3 Citi 87,054.15 465 4.70%
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5 Goldman Sachs 73,744.58 290 3.98%

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1 BNP Paribas 24,117.26 108 8.76%
2 Deutsche Bank 20,413.01 74 7.41%
3 SG Corporate & Investment Banking 19,141.06 90 6.95%
4 UniCredit 15,521.61 71 5.64%
5 HSBC 14,381.76 81 5.22%

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1 Goldman Sachs 5,048.40 37 7.53%
2 BNP Paribas 4,834.62 56 7.21%
3 Deutsche Bank 4,245.09 42 6.33%
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Bookrunners of Dollar Denominated HY Bonds

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For detailed analysis: Dealogic
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1 JPMorgan 19,016.51 146 10.22%
2 Goldman Sachs 14,082.73 99 7.57%
3 Credit Suisse 13,243.20 94 7.12%
4 Bank of America Merrill Lynch 12,775.52 117 6.87%
5 Citi 12,347.90 105 6.64%

Bookrunners of European Corporate IG Bonds

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For detailed analysis: Dealogic
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  • Today
1 HSBC 25,998.97 110 6.18%
2 BNP Paribas 24,179.70 104 5.75%
3 Barclays 24,153.71 85 5.74%
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5 Citi 21,968.90 89 5.23%