Issuer of the month

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Just a few weeks after thirsty English sports fans downed 70 million pints over the weekend of October 11–12, UK pub owner Mitchells & Butlers is roadshowing a £1.9 billion whole-business securitisation. The proposed bond is a securitisation of the company’s 2,064-strong pub portfolio, which includes the All Bar One, O’Neill’s and Harvester brands.

The offering comprises six long-dated tranches. The three class-A tranches total £1 billion, and offer a mixture of fixed- and floating-rate note

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