Allied Domecq

Beverages company Allied Domecq announced plans for a new bond issue shortly after releasing its first-half results. It cannot have been pleased with the reaction in the bond market, with spreads on the company’s 2011 sterling bond widening 20bp to almost 100bp over Libor.

“The pressures on Allied Domecq [falling US profits and the risk of a rating downgrade from S&P (BBB+ on negative outlook)] have been recognised for some time and the bonds seemed too tight,” says Stephanie Foster, consumers

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