STERLING

摘要

UK builders merchant TRAVIS PERKINS brought more sterling supply to market on Thursday, in a deal that appealed to both investment-grade and high-yield buyers. The European high-yield market saw a return of sterling issuance last week, with discount hotel chain Travelodge printing the first junk bond in the currency this year. The investment-grade sterling market also saw a revival last week, with roadside assistance firm rac pricing a £900m whole business securitisation trade off the back of a £3.5bn book. NEXT AND KRAFT HEINZ are also preparing more sterling issuance, after announcing their respective roadshows for next week. Travis Perkins, BB+ rated by S&P, set initial price thoughts at a 4.625%-4.75% yield on a September 2023 benchmark sterling bond on Thursday. One investor told IFR he thought this range was fair but was wary the leads would try to push the coupon below 4.625%.