Retail bid helps Metro €500m pay bargain 2bp-7bp premium
German retailer and wholesaler Metro sold its first benchmark euro bond for two years on Wednesday, and capitalised on its rarity to obtain an exceptionally low new issue premium, by recent standards, of 2bp-7bp.
The 500m no-grow seven year came on the same day as KPNs 750m 10 year, but although the deal was more modest, the pricing was more spectacular, at least according to the leads.
Rated Baa2/BBB/BBB, with a negative outlook from Moodys, Metro has issued two small MTNs in euros
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