Sanofi seeks tightness, gets size too at €1bn
Book sizes for the four highly rated corporate bonds issued on Wednesday were mostly moderate, but there was one exception — Sanofi, the French pharmaceuticals group. Despite its tight spread, the deal drew €3bn of orders.
Rated A1/AA, Sanofi is an infrequent issuer, often taking funding in dollars when it can do so more cheaply. But the €1bn 10 year issue was a straight-down-the-line transaction, right into the heart of Europe’s rampant institutional investor demand.
Citigroup, HSBC, Royal Bank of Scotland and Santander led
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