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Corp Bonds

Cautious KPN borrows early, raising €750m after S&P cut

Koninklijke KPN, the Dutch telecom company, returned to the European bond market on Wednesday, the day after a downgrade by Standard & Poor’s, and seemed to suffer no ill effects, achieving a well oversubscribed deal of €750m, the most it wanted.

  • 24 Feb 2012

The new issue premium of about 15bp-17bp was respectable and tighter than would have been possible a month ago, though not as tight as the 8bp-13bp KPN felt it achieved on its last outing in September, a €500m no-grow 10 year.

One banker away from the deal said ...

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1 BNP Paribas 17,278.59 84 8.42%
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5 Bank of America Merrill Lynch 17,161.56 140 7.93%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 17,845.05 89 6.90%
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3 SG Corporate & Investment Banking 16,328.81 79 6.32%
4 Barclays 15,497.46 70 5.99%
5 RBS 13,920.32 72 5.38%
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