Water debt costs leap
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Severn Trent priced a £350m 14-year bond at 155bp on the day of the downgrade, 20bp above its curve. It is rated Baa1/BBB+/A–. On Monday South West Water priced a £400m 17-year bond at 185bp. It is rated Baa1/BBB+/A–. Thames' bonds now yield 10.42%.
