Germany’s K+S a safe choice for investors after Monday’s crop widens
After yesterday’s wild party in the European corporate bond market, today was strewn with wreckage. Several of yesterday’s eight deals were trading wide of reoffer and some investors complained that they had been over-allocated bonds.
Outside the small-scale Finnish market, where Nokian Tyres raised 150m, the only issuer in euros today was just the right kind of borrower German fertiliser group K+S.
The Baa2/BBB+ rated company had everything going for it solid ratings, German origins, and a rare and relatively cycle-proof business
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