Sterling
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Company's debt woes has seen its credit rating cut another notch -
Creditors can and will be bumped down the pecking order at the time when it matters most
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◆ First KDB public sterling deal in seven years ◆ £250m bond could be first of many as issuer diversifies ◆ SSA transition ongoing, euros in focus for 2025
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Embattled water company already has £1.5bn backstopped as it fights for its future
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Possible fundamental changes to troubled UK water industry to send a chill through bond market
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Borrower follows Engie in getting big book for a sterling deal this week
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◆ Pricing below 100bp was debated ◆ Trade gained from sterling technicals ◆ Recent steepening means some issuers cautious about duration
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Supply eased in recent weeks after late summer burst
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Borrower swaps £450m facility with £500m deal
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◆ US bank brings sizeable sterling deal ◆ Fair value debated ◆ Bankers say sterling starved of supply
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Confluence of factors leads investors to pile £1.5bn into book
