Minimum Size

Note that Ladbroke are coming with a 7 year, 5/5.25% coupon , rated BB. Minimum size has been ratcheted up to 200 K, so now entirely for institutions. Further proof that retail sized issues are dying out, or will only be done at terms not attractive to institutions, such as weak covenants or rich coupons. Bad omen, with Brexit not helping, as GBP for issuance is getting increasingly marginalised.

Comments

  • Enterprise Inns have also just had an offer with 100k minimum and like Ladbrokes they have previously issued in retail sizes. Terms also better than the existing retail bond with a higher yield and shorter maturity
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