U.K. Pub Bond Deal Shows Investor Confidence in Reopening
- Punch Taverns improved price terms for 600 million-pound bond
- Bond priced with 6.125% coupon, lower than mid-6% indication
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Credit investors are showing confidence in the U.K.’s return to normality after the pandemic as one of the country’s largest pub operators tightened pricing for its new bonds.
Punch Taverns Ltd. improved terms for 600 million pounds ($834 million) of new notes due to investor demand. The bonds priced with a coupon of 6.125% on Friday, lower than the mid-6% indication given earlier in the week.