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Bond Market News
Tata Steel in Advanced Talks with UK Government for Funding
September 4, 2023
Tata Steel is said to have been in advanced talks with the British government for the latter providing £500mn ($630mn) in funding aid. The above funding would be in addition to £700mn ($881mn) from Tata Steel’s Indian parent into the Port Talbot steelworks plant in South Wales. As per Bloomberg, Tata Steel has been in talks with the UK government for years over funding the transition to more green production. Tata Steel is said to have warned in the past, that without government support, it will need to consider closing its sites. The Port Talbot plant is UK’s biggest steelworks with 4,000 employees.
Tata Steel’s dollar bonds were trading steady with its 5.45% 2028s at 98.32, yielding 5.89%.
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