PhilMo, Volvo, Stada, Iberdrola shrug off equity falls
Four companies achieved successful bond sales today, despite a much weaker day for credit and equities than yesterday. The Markit iTraxx Europe index widened 6bp to 100bp, while European stocks fell 1.74%.
Philip Morris International exploited the growing bid for 20 year euro paper with a 500m issue that was priced close to its curve.
Volvo Treasury nipped into the market for another trendy structure, a 200m two year FRN, and priced through its curve.
The second bond issue for Stada Arzneimittel,
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