RCI Banque’s diversity pays off as euro return flies
RCI Banque, the finance arm of Renault, raised €500m on Tuesday with a strongly sold bond that was priced with a minimal new issue premium. One banker away from the deal hailed it as "no more than 2bp — the lowest concession they’ve paid for years".
A regular issuer, RCI is rated Baa3/BBB after downgrades of its parent Renault during the economic downturn.
The finance arm began its 2013 issuing campaign early, but tentatively, on January 3 with a 100m 4.3 year issue priced at 173bp over mid-swaps, drawing solid demand of 520m from 60
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