Stora Enso prints €500m tight, Renault’s book 3.5 times oversubscribed
Paper and packaging company Stora Enso sold a tightly priced €500m five and a half year bond on Tuesday. The unsecured deal for the Ba2/BB rated company came with a 5% coupon to yield 5.096%.
This was less than 10bp above the secondary level of Stora Ensos 500m 5.5% March 2019 notes sold in late February, which were yielding 5.11% on Monday and 5.192% on Tuesday.
Bookrunners Barclays, Citigroup, JP Morgan and Nordea priced the transaction in line with revised guidance at mid-swaps
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