Bruntwood
Bruntwood is proposing to issue a 6% senior unsecured retail bond, maturing 2025, which will be listed on the LSE. We think the deal can do well due to its well-established regional property business underpinned by satisfactory gearing (debt to fixed assets of 49% at Sept 2019). We also think that due to limited new issuance in Sterling of recent, there will be strong demand to roll from the existing notes (1.25 fee offered) as well as for any “additional” new notes.
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