Glas kicks off £2 billion structured bond issue
- From: Vol 2, Issue 4 (April 2001)
- Category: General
- Region: Europe
- Country:
- Related Companies: Citibank, Fitch, Glas Cymru, Moody’s, Royal Bank of Scotland, Schroder Salomon Smith Barney, Standard & Poor’s, Thames Water, United Utilities and Welsh Water (Dwr Cymru)
Glas Cymru, the company formed in April 2000 for the sole purpose of acquiring Welsh Water, has launched a one-month roadshow to market around £2 billion of asset-backed bonds of which £1 billion will be guaranteed by MBIA Assurance, the US monoline insurance company. Schroder Salomon Smith Barney and Royal Bank of Scotland are the co-arrangers of the programme.
Ten tranches and four classes of debt are being raised. The top £1 billion layer of senior, class A bonds has been rated triple A by Standard & Poor’s, Moody’s and Fitch, reflecting the financial guarantee provided by MBIA. MBIA will guarantee scheduled payment of interest and principal due on class A bonds.
The deal has strong creditor protections ...
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