Aroundtown taps hybrid while RWE tenders
Tuesday proved to be hybrid day in the European corporate bond markets with Aroundtown tapping its dollar hybrid bond for €200m while German electric utility, RWE, announced it was tendering for up to €550m equivalent of its own equity-like debt.
Aroundtown’s lead managers, Goldman Sachs and Morgan Stanley, announced the expected $200m tap of the bond with a call date of July 2023 with initial price thoughts of 5.25%-5.30%. The tap was priced at the tight end of that range.
The BBB rated issuer has
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