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JCRA/Peel Hunt DCM Collaboration Announces Early Closure of Burford Bond.

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JC Rathbone Associates Limited (JCRA) is pleased to announce the early closure of the most recent sterling retail eligible bond for Burford, led by the Debt Capital Market team collaboration at Peel Hunt.

This was the third offering by Burford and carried a substantially lower coupon than previous issues at 5%, with a maturity of 9.5 years and a spread of 390 bps over the relevant gilts. This was approximately 5 bps wide of the trading level on the existing bonds.

The bond attracted very strong demand over the four and a half day selling period from an unusually wide range of investors, with 61 buyers, split between Pension Funds, Wholesale fund managers, Wealth Managers, Stockbrokers and Execution only operations.

Despite being the only unrated financial company listed on the ORB, the book closed with approximately £190m of orders with the issue set at £175m – the largest transaction completed in the market since the issue for the London Stock Exchange in 2012.

Trading has opened in the secondary market at 100.9 – 101.6, a significant premium to par.

Jackie Bowie, Chief Executive Officer of JCRA said:  “We are delighted with the success of our second bond led by the Debt Capital Markets collaboration. Its performance is suggestive of an incredibly strong demand from a diverse pool of investors, and that further issues will be very well received.”

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