BASF squashes 5yr spread to 10bp with €250m tap
BASF, the German chemicals company, pulled off an exceptionally tight bond issue on Thursday, a €250m tap of a five year bond that was priced at just 10bp over mid-swaps.
Barclays and ING brought the deal on the basis of a lead order that accounted for less than half the deal.
“The right level for a BASF five year is 20bp and we did it at 10bp,” said a banker at one of the leads. “Nestlé would do
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