BAT totals $21bn with transatlantic debty dozen
British American Tobacco set fire to any notion that markets close in August this week with a $20.8bn bond bonanza. It brought a $17.25bn eight tranche deal on Tuesday — the second largest bond transaction of the year in the US — and followed that with a €3.6bn-equivalent four tranche dual currency deal in Europe on Wednesday. Nigel Owen reports.
While the US market has yet to show any signs of slowing down for the summer, some participants had declared the euro corporate market closed after two weeks without a deal, while there hadn’t been a sterling deal
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