High yield investors concerned about slim disclosure and
voting on enforcement are shifting their attentions to a new
type of product: holdco bonds.
The holdco bond, exclusive to utility companies, was
developed in January by Linklaters. It offers investors a yield
pick-up on so-called safe securitised-utility bonds.
There are now four holdco bonds in the market: Anglian
Water, Thames Water, Southern Water and BAA, all UK utilities
A holdco bond is a rated public bond issued by a holding
company of a utilities or...