CANARY WHARF CROUP Overcame concerns about people continuing to work from home when the coronavirus pandemic eases, as it sold its first ever bonds last week in a £900m-equivalent fundraising. Investors were clearly willing to overlook the implications of low staffing levels at offices in London's second financial centre and lost footfall for retailers. The company, which owns and develops nearly 100 acres of property primarily in the Canary Wharf district, sold three bonds across two currencies and in environmental, social and governance format. It priced £350m four-year and £300m seven-year green bonds at spreads of 245bp and 285bp over Gilts, respectively. It also printed a €300m five-year green tranche at 210bp over swaps. Enthusiasm was greater for the sterling bonds with combined demand reaching about £1.3bn. That enabled sole active lead Morgan Stanley to revise pricing from initial thoughts of the 265bp area on the four-year note and 310bp area on the seven-year.
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