NATS cleared for take-off after £600m securitisation

14 Aug 2003

NATS (En Route) plc, the troubled UK air traffic control operator, sought to turn a new leaf this week with the launch of a £600m bond.

The issue, wrapped by MBIA, was warmly received by fixed rate sterling investors who were able to gain a healthy pick-up on typical monoline spreads. Bookrunner Barclays Capital reported that the bonds were trading up in the secondary market.

The notes were sold to around 30 predominantly UK investors. ...

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