Hertz gets its €425m high yield deal, trades up on break

Hertz, the US car rental firm, has priced its €425m 2018 bond at 4.375%. The deal traded up from par to 100/100.25 on Thursday, despite some choppiness in the market on Wednesday.

  • By Stefanie Linhardt
  • 14 Nov 2013

“I would have loved to price it slightly better, but we had been thinking about it in that context throughout,” said a banker close to the deal.

Barclays was billing and delivering on the bond, with Crédit Agricole, Deutsche Bank, JP Morgan, Natixis and Wells Fargo also bookrunning.

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1 Bank of America Merrill Lynch (BAML) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

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3 Wells Fargo Securities 70,282.48 216 9.53%
4 JPMorgan 51,967.93 167 7.05%
5 Credit Suisse 41,447.11 125 5.62%