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BAT debt issue gives investors defensive play

British American Tobacco and its bankers dove swiftly into the debt markets to raise a combined total of nearly €850m ($758m) from a sterling- and euro-denominated bond deal that catered to investors' demand for defensive sectors.

BAT, which issued debt via its wholly owned subsidiary Imperial Tobacco Canada, raised €500m of euro-denominated debt maturing in five years and £217m of sterling with a life of seven years.

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