Vinci gets debut Sfr200m away in spite of French debt rout and low rating concerns
Vinci, a French construction and concession company, managed to price a Sfr200m 2.125% six year debut note on Thursday despite its BBB+/Baa1 rating and growing nervousness around France after a contagion frenzy in the eurozone this week.
"France is not the best address in Europe at the moment," said a Zurich based banker. This week, triple-A covered bonds from France were trading in line with BBB+ French corporates.
After a non-deal roadshow last week, lead managers Deutsche Bank and UBS announced Vincis Sfr150m bond on Thursday.
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