Southern Water Brings Biggest Sterling Debt Deal of 2025

UK utility Southern Water Ltd. is selling the biggest sterling corporate bond in nearly 18 months as it seeks to shore up its finances.

The company is raising £750 million ($993 million) of seven-year senior secured notes, according to a person with knowledge of the sale, who asked not to be identified as the information is private. It’s the biggest deal in the currency from a non-financial borrower since UK film studio Pinewood priced a same-sized deal in March 2024, data compiled by Bloomberg show.