‘Warning shot’ for Schuldschein market as Carillion heads for rights issue
Carillion’s share price fell roughly 40% after bleak profit warnings on Monday, and another 33% on Tuesday. The UK outsourcing and construction company's tumble comes only five months after it successfully issued a €112m — confirming for some that the market has become too open to unsuitable borrowers.
February's loan, arranged by BayernLB and HSBC, had three, five, seven and 10 year tenors, offered in dollar, euro and sterling denominations, though the transaction closed with only three and five year maturities.
The spread was priced at the tight end of the margins, 170bp for the three
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