Rexel guides euro high yield bonds tighter than dollars
Rexel, the French electrical equipment supplier, is guiding its euro high yield bond tranche tighter than its dollar tranche. If final pricing reflects this, Rexel would prove that for some credits Europe is cheaper than the US.
The Ba2/BB/BB rated issuer is looking for 500m of unsecured June 2020 notes and $500m of bonds with the same tenor. Both tranches are callable after 3.25 years.
Global coordinators BNP Paribas (billing and delivering on the euros) and JP Morgan (billing and delivering on the dollars) released guidance
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