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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4 Barclays 4,950.16 12 6.04%
5 Goldman Sachs 4,862.50 14 5.93%

Bookrunners of Euro Denominated Corporate IG Bonds

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4 Commerzbank Group 1,054.99 6 6.47%
5 JPMorgan 1,009.92 4 6.19%

Bookrunners of European HY Bonds

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Bookrunners of Dollar Denominated HY Bonds

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2 US Bancorp 83.33 1 4.76%
2 TD Securities Inc 83.33 1 4.76%
2 Sumitomo Mitsui Financial Group 83.33 1 4.76%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 2,636.08 6 8.44%
2 Barclays 2,499.67 4 8.00%
3 Bank of America Merrill Lynch 2,343.15 5 7.50%
4 JPMorgan 2,303.98 3 7.37%
5 MUFG 2,123.57 3 6.80%