FIIG Securities today launched its biggest ever unrated bond issue for a corporate client – a fixed rate note for 360 Capital Group Limited targeted to raise $50 million with the ability to take up to $75 million. Once closed, this issue would bring the total raised by FIIG to over $1 billion in less than two years, with over two thirds representing transactions solely arranged by FIIG.
FIIG CEO Mark Paton said the size of the issue, which follows a $40 million issue for Coffey International Limited just a week earlier, reflected the strength of FIIG’s distribution capability.
“Over the past two years FIIG has opened the unrated bond market and enabled 12 companies with diverse funding requirements to access the bond market. These issues have been for amounts of up to $100m, tenors of 5 to 7 years, unrated as well as rated and fixed / floating rate structures.” Mr Paton said.
“We have built a strong track record and demonstrated that quality unrated corporate can access the corporate bond market diversify its debt and lengthen its funding profile via the FIIG investor base.”
The latest bond issue, from property investment and funds management group 360 Capital, is a fixed-rate issue with a maturity of 5 years that aims to raise $50 million with the right to accept up to $75 million.
