Sainsbury has agreed terms for a second sale-and-leaseback and bond issue through Morgan Stanley Dean Witter. The retailer will sell 10 supermakets which it will continue to occupy on a long-term fixed cost basis. Morgan Stanley will issue bonds backed by Sainsbury's credit rating, on similar terms to the first deal in March this year, on a portfolio of 16 supermarkets. Stores included in this latest transaction, which reflects an initial yield of 7.85%, include those at Hemel Hempstead, Derby, Haywards Heath, Aylesford, Chester, Doncaster, Liverpool, Kidlington, Gloucester and Witney. {{PROPERTY }}