Advanced Theory & Practice of Bonds

IBF Recognized Under FTS
1-2 December 2021

Two-day immersive course on bonds designed for private bankers and advisors. 90% funding* available to eligible company-sponsored candidates.

Jaguar Land Rover (JLR) raised over $1bn via a two part offering. It raised €500mn ($594mn) via a 7Y non-call 3Y (7NC3) bond at a yield of 4.5%, as compared to initial guidance of mid 4%s. It also raised $500mn via an 8Y non-call 3Y (8NC3) bond at a yield of 5.5%, as compared to initial guidance of mid 5%s. The bonds were rated B1/B and have a change of control (CoC) put at 101 until July 15, 2024. The 7NC3s are callable on July 15, 2024 at 102.25, July 15, 2025 at 101.125 and July 15, 2026 at 100. The 8NC3s are callable on July 15, 2024 at 102.75, July 15, 2025 at 101.375 and July 15, 2026 at 100. Proceeds will be used for general corporate purposes.

JLR’s dollar bonds were flat – its 5.875% 2028s were at 104, yielding 5.14%.

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