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Thames Water (Kemble) Finance issued a £400m junk bond last week Friday. The eight year secured note was priced at par with a 7.75% coupon, outside guidance of 7.5%. Bankers on the deal said the large upcoming supply of European high yield bonds in the coming weeks was partly to blame for the pricing.
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One of the last two high yield deals left to price in the European market before Easter priced on Wednesday afternoon, while the other was expected to wrap up later in the day, after Ideal Standard and Consolidated Minerals came out with price talk on Wednesday morning.
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Low-cost clothing retailer Matalan priced a £250m senior secured five year bond to yield 9.124%, the mid-point of guidance, on Wednesday. The notes, issued at 99, traded up to 100.38 on the break. They were bid at 99.875 on Thursday afternoon.
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Privately-owned UK food producer Boparan has opted to fund its takeover of Northern Foods through a £695m-equivalent junk bond issued in sterling and euros.