Hyde drives down margins with £200m, 105bp issue
Hyde HG has issued a £200 million, 30-year bond at an all-in cost of 5.125 per cent, with a margin of 105 basis points over the 2038 UK gilt.
The margin beats the 115bp low achieved by London & Quadrant HG in January, and the 110bp low secured by Notting Hill HG last week.
The issue was rated 'Aa2 - stable' by Moody's.
The bond was priced at 98.3 per cent, and the orderbook exceeded £350 million, Hyde chief executive David Eastgate said.
Lloyds and Royal Bank of Scotland acted as joint book-runners.
The structure of the issue includes a further £50 million reserve bonds which Hyde can choose to place in the market in future, dependent on investor demand and market conditions.
