Aston Martin ramps up yield on $1 billion junk bond sale to 10.5%

© Reuters. FILE PHOTO: Aston Martin Lagonda cars parked outside the carmaker’s factory in St Athan, Wales

LONDON (Reuters) – British luxury carmaker Aston Martin has increased the yield on offer for its $1.0855 billion junk bond sale, and is marketing the deal with around a 10.5% yield, according to a lead manager.

The struggling company earlier this week announced a sterling and dollar bond sale as part of a wider financing package, setting initial yield expectations at around 8%-9%.

The sterling tranche has since been cancelled and the deal is set to price later today via global coordinators JP Morgan and Barclays (LON:).

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