Würth the wait, €4bn book means pricing screw
The standout transaction of Tuesday’s busy European corporate new issue activity – when the market had a distinctly cooler feel than on Monday – was a €500m deal from an infrequent German issuer, Würth, which attracted a €4bn book.
Like Thursdays Robert Bosch deal that drew 6bn of orders, the deal suggested an eagerness among investors to buy impeccable, rare, German credit.
Würth, the leading maker of screws, is rated A/BBB+ (both stable). It had not issued in euros for two years, but trades very tightly and needed
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