STERLING

摘要

UK insurer pgh capital, an unrated subsidiary of Phoenix Group Holdings, priced its first senior bond last Monday since a heavy debt burden forced it into a financial restructuring in 2009. The £300m seven-year deal priced at a whopping 5.75% yield, having first been marketed at a high 5s-6% via leads Citigroup, JP Morgan, HSBC and Lloyds. "Phoenix is a transformed credit with an interesting history in the bond market," said Keval Shah, head of investment-grade DCM syndicate at Lloyds Bank. "There was a broad range of reactions from the investment community, the result, however, demonstrates how many investors management won over. This marks a successful re-entry into the public market for the Phoenix Group."