Bondholder relief at HSBC’s Household acquisition

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Holders of bonds in US lending company Household International breathed a sigh of relief in November when the company’s planned acquisition by UK bank HSBC was announced.

The day before the deal was announced, November 13, the average spread on Household International closed at 486bp; the next day they had come in 200bp, ending the day at 285bp. Although Household claimed it had reached agreements with more than 80% of state attorney generals, investors were still worried about the other 20%

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