Foncière Lyonnaise €500m deal works at second try
Société Foncière Lyonnaise, rated BBB- with a stable outlook by Standard & Poor’s, had a nasty experience on September 11 when it launched a €500m five year bond, having prepared for it the previous afternoon with a conference call.
Bookrunners BNP Paribas, Crédit Agricole, HSBC, Natixis and Société Générale set the initial price talk at 250bp over mid-swaps, but, on an exceptionally busy day in the market, failed to get traction.
Friday November 16 did not seem the perfect day for such an issuer to return for a
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