Nexans trades high after blow-out CB
Nexans on Tuesday sold a €240m-€275m Oceane which achieved a multiple-times oversubscribed book that was price-insensitive — allowing the issuer to price at the best terms from the indicative ranges. The sheer strength of demand for the bonds amid a dearth of recent issuance helped deliver a two to 2.5 point gain on Wednesday, said bookrunners.
The performance should spur other issuers, first-time and repeat, to take a closer look at the terms available in the equity-linked market, they said, although others still reckon that the much larger $3bn Siemens deal from two weeks ago has more clout to attract new borrowers.
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