Speyside bond pays premium for size and lack of rating

spilt whisky
By Richard Metcalf
26 Aug 2014

Barclays priced Speyside Renewable Energy's £48m project bond on August 21, placing it with a handful of UK investors. The deal's minuscule size and lack of ratings meant it had a limited audience, but the bond carried some spread to compensate.

Speyside's bond is the third to be issued using the UK Treasury's Infrastructure Guarantee, after a £257.2m deal for Merseylink, a bridge project, in March, and the €285m issue for an upgrade of Ineos's Grangemouth refinery in July.

The deals form a unique group because their credit risk is ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial