Asda’s buyers have raised the largest-ever sterling junk bond, with investors piling in to the £2.75bn debt sale.
The new junk bond is the centrepiece of an intricate series of debt deals and asset disposals through which Blackburn-based brothers Mohsin and Zuber Issa and the private equity firm TDR Capital will acquire the grocery chain for £6.8bn.
The £2.75bn bond sale drew more than £8bn of orders from investors, who were enticed by Asda’s relatively low debt burden and the £9bn of property value underpinning the deal.
