Unrated Sixt finds keen bid for €250m at tight end
Sixt, the German car rental company, issued a €250m bond successfully on May 11, showing that investors will still buy unrated, sub-benchmark sized bonds, despite the dark clouds hanging over Europe’s economy and financial markets.
The deal was sold on the same day as Bureau Veritas, the unrated French testing and certification group, held a global conference call with investors. Bureau Veritas went on to sell its 500m bond on Tuesday (see page 18).
Like Bureau Veritas, Sixt is regarded as quasi-investment grade. The
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