Man Utd's bond issue tanks

From the Financial Times:

The club's first bond issue, launched barely two weeks ago, has become one of the market's worst performers this year.

The bid prices on the sterling denominated bonds (£250m) have plummeted to 93% of face value. The situation is not much better with the dollar denominated part ($425m) which now sits at 94.5% of face value. Analysts are blaming the high prices at launch and the absence of a credit rating for the poor showing.

However Wayne Rooney may not have to give up the killing that he made on financing Avatar yet because the club has managed to secure the £500m ($798m) funding needed to refinance its bank debt.