Vivendi takes €700m pre-funding after break-up talk ebbs
Vivendi returned to the bond market on Tuesday for the first time since April to raise €700m, reaping the benefit of the continued rally in European credit. The French telecoms and media group rated Baa2 (stable)/BBB (negative) employed Mizuho, Natixis, Royal Bank of Scotland and Société Générale to launch a benchmark 7.1 year (January 2020) bond.
Price guidance of 135bp over mid-swaps was tightened to 130bp, where the issuer priced a 700m deal.
"It was good to see Vivendi issue more than 500m, because theyve had some negative headlines in the past few months," said a banker away from the deal. "Its very much a
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