Structured Credit/Restructuring: Yorkshire Water

Issuer: Yorkshire Water Services Bradford Finance
Date of issue: Jul 14, 2009
Size of deal: Exchange offer for £1.1 billion, £650 million of new debt
Pricing: Gilts plus 230bp (£275 million, 10yr), gilts plus 200bp (£200 million, 30yr), index-linked gilts plus 200bp (£175 million, 30yr index-linked)

Bookrunners: Banco Santander, HSBC, Royal Bank of Scotland

Yorkshire Water’s refinancing was notable for being the first new transaction in the whole business securitisation (WBS) market since 2007. The r