Manchester Airport in £360m hit comeback

By Jon Hay
10 Apr 2014

Manchester Airport Group made a surprisingly swift return to the bond market on Wednesday, after its £450m debut in early February, but sterling investors were far from put out. On the contrary, they leapt on the deal.

The company, rated Baa1/BBB+ (both stable) by Moody’s and Fitch, joined the bond market in February with a £450m 20 year senior secured bond that was a blow-out, attracting £2bn of demand.

MAG, which owns several UK airports including Manchester and London’s third airport at Stansted, is unregulated, unlike Heathrow ...

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