ICG has successfully launched its inaugural bond in the listed Eurobond markets.
The bond was rated BBB stable (Fitch) and BBB- positive outlook (S&P), with these ratings reflecting recent moves up from both agencies. The transaction attracted very strong interest from a broad geographic investor base, demonstrating the recognition from stakeholders of the evolution and growth of ICG in recent years. The end result was a bond with a 1.625% coupon for seven year money.
The proceeds from the bond will be used to refinance c£250m of debt maturing during 2020 and to fund future growth in the asset management business, especially from new strategies.
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