Dignity taps whole business securitisation

23 Sep 2010

Royal Bank of Scotland priced a £72m tap of funeral home operator Dignity’s 2003 whole business securitisation, the first non-utility whole business issuance since the credit crisis.

 

The £48.65m tap of Dignity Finance’s single-A rated ‘A’ notes was priced at 130bp over Gilts, in line with guidance, while the £33.1m tap of the triple-B rated ‘B’ notes came 5bp inside initial guidance at 195bp over.

The pricing followed bondholder approval of amendments to the documentation allowing ...

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