RCI pays NIP but gets €300m far tighter than January level
RCI Banque, the finance arm of Renault, launched a €300m 18 month bond today, its first issue since January 4. The note was priced far tighter than that transaction, showing how far RCI’s spreads have come in – even though the leads priced it at the wide end of initial price thoughts.
The 18 month format is an unusual one, and RCI appears to have met its objectives, but the deals acceptable rather than blowout reception may be partly due to the cooler tone in Europes corporate bond market since yesterday afternoon.
Société Générale and UniCredit led the deal for the
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: email@example.com
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: firstname.lastname@example.org or find out more online here.