Wessex £350m bond issue three times oversubscribed

A £350mil bond issue launched by Wessex Water Ltd recently has been nearly three times oversubscribed. The long-term guaranteed bonds carrying an annual coupon of 5.75% are due for redemption in 2033.  

The YTL group, which owns the British utility company, said in a statement yesterday that in the course of a three-day roadshow organised to promote the bonds, 11 investors had one-on-one meetings with group representations and a further 33 investors attended group lunches in London, Glasgow and Edinburgh.