WPP sells $500m of notes

Advertising giant WPP yesterday raised $500m through the sale of 10-year senior unsecured bonds. It is understood the company will use the proceeds to refinance its existing debt. Barclays Capital, Bank of America Merrill Lynch, HSBC and Royal Bank of Scotland are thought to have led the sale, with BNP Paribas and Citigroup co-managing. The new notes, which are rated Baa3 by Moody's and BBB by Standard & Poor's, will yield 4.75 per cent.