STRUCTURED FINANCE: GBP680m Tesco Property Finance 4 Rated
Tesco Property Finance 4 has mandated GS, HSBC and JPMorgan Cazenove as joint bookrunners for a benchmark sterling bond offering. Moody’s has assigned a provisional long-term rating of A3 to GBP680m of notes. The deal has a rental guarantee from, or other recourse to, Tesco plc. Moodys described the transaction as a “true-sale credit-tenant-linked securitisation of one commercial mortgage loan”. The collateral for the loan is the long leasehold interest in a portfolio of 20 supermarkets and one mixed use retail development located across the UK.
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