Allen & Overy (A&O) and Latham & Watkins have acted on a £950m high yield bond issue by frozen food retailer Iceland Foods. 

The issue, which is thought to be the largest sterling denominated high yield bond offer this year, was made up of £350m in floating rate notes, due 2020, alongside £400m of secured notes at 6.25%, due 2021, and £200m of secured notes at 6.75%, due 2024.