Reed Elsevier's five year sterling bond exploits lack of supply

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By Richard Metcalf
30 Jul 2014

Anglo-Dutch publisher Reed Elsevier issued its latest five year bond in sterling last Friday, taking advantage of limited supply to meet some of its funding needs in the currency.

Barclays, Deutsche Bank, ING Group and HSBC were bookrunners on the £300m deal. Healthy demand from investors helped the issuer to price at the tight end of the price guidance, which was Gilts plus 100bp-105bp. The bond performed well in the secondary market and was trading at 96bp ...

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