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Asset Backed Securities
Industrials
Aerospace & Defense
Parent Companies
NATS Ltd
NATS (En Route) PLC
NATS (En Route) PLC (NATS)
Deal Details
C/P
Industry
Status
Ticker(s)
Issuer(s)
Size(m)
Tranches
Region
Date
IGC
INDS
PRCD
NATS
NATS (En Route) PLC
£750
2
EMEA
Apr 28, 2021
Tranche #1
NATS (En Route) PLC
currency
GBP
size (m)
450.000
maturity
Mar 31, 2031
type
Fixed
tenor
10.000
call
-
registration
Reg S Only
benchmark
G
ranking
Sr. Unsecured
moody's
A2
s&p
A+
fitch
-
size description
-
re-open/tap
No
ipt
G+100 a
ipt-pxd
-
guidance
G+85-90
spread
85
coupon
1.375%
spread set
-
price
99.59700
yield
1.433%
book size (m)
1,100
peak book (m)
-
x-covered
2.44
book attrition
-
nic
-
billing & delivering
NTW
active leads
-
joint leads
BNP
,
BRC
,
MUF
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,100
peak book (m)
-
x-covered
2.44
book attrition
-
nic
-
billing & delivering
NTW
active leads
-
joint leads
BNP
,
BRC
,
MUF
passive leads
-
co-managers
-
coordinating managers
-
Tranche #2
NATS (En Route) PLC
currency
GBP
size (m)
300.000
maturity
Sep 30, 2033
type
Fixed
tenor
12.400
call
-
registration
Reg S Only
benchmark
G
ranking
Sr. Unsecured
moody's
A2
s&p
A+
fitch
-
size description
-
re-open/tap
No
ipt
G+105-110
ipt-pxd
-
guidance
G+85-90
spread
85
coupon
1.75%
spread set
-
price
99.61900
yield
1.777%
book size (m)
1,200
peak book (m)
-
x-covered
4
book attrition
-
nic
-
billing & delivering
NTW
active leads
-
joint leads
BNP
,
BRC
,
MUF
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,200
peak book (m)
-
x-covered
4
book attrition
-
nic
-
billing & delivering
NTW
active leads
-
joint leads
BNP
,
BRC
,
MUF
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
10 yr: Book size: 1100; Registration: Reg S Only; Comments: GBP450m 10yr amortiser (~7yr WA). With ~12.5yr bullet. Snr unsec RegS. A2/A+. Barc/BNPP/MUFG/NatWest(B&D). IPTs G+100 area, guidance G+85/+90 for 450m, launch G+85, bk >1.1bn pre rec @guidance. Vs 0.125% 1/28 @ 96.971 mid, 97.938 bid, HR 98%. MWC G+15. LEI: 213800AOOCT6JKFY6Z68; 12.4 yr: Book size: 1200; Registration: Reg S Only; Comments: GBP300m 12.5yr bullet. With ~10yr amortiser (~7yr WA). Snr unsec RegS. A2/A+. Barc/BNPP/MUFG/NatWest(B&D). IPTs G+105/+110 area, guidance G+85/+90 for 300m, launch G+85, bk >1.2bn pre rec @guidance. Vs 4.25% 6/32 @135.000 mid, 134.94 bid, (HR 89%). MWC G+15. LEI: 213800AOOCT6JKFY6Z68;
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