Sub-benchmark size rings no alarms for Securitas investors
The taboos that hobbled Europe’s corporate bond market in the nervous days of the autumn included an aversion to smaller, illiquid deals. That objection has now gone, as Swedish security company Securitas demonstrated on Tuesday with a heavily oversubscribed €350m bond issue.
The companys CEO led an investor call on Monday afternoon to prepare for the deal, and then bookrunners Citigroup, ING and SEB took feedback from investors.
As expected, Securitas, rated BBB+ by Standard & Poors, went for a five year maturity when it announced the deal. "It was
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