BSkyB's £1bn bond return spoiled by credit sell-off, unclear use of proceeds

13 Oct 2005

UK satellite television broadcaster BSkyB returned to the dollar bond market for the first time for six years this week, but its £1bn equivalent deal fell flat as US high grade investors shied away from credit.

BSkyB did not help by leaving investors unsure what it planned to use the proceeds for.

The Baa2/BBB/BBB rated borrower launched the deal yesterday (Thursday) with two tranches in US dollars, one of $350m and the other $750m, and a sterling tranche of £400m.

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