Single-A pricing tightens further as Schlumberger launches refi
The aggressive margin on a refinancing facility from A1/A+ rated Schlumberger, which was launched on Tuesday, has left bankers worried that the trend for tightening at the top end of the market has restarted.
This is just another turn of the tightening screw, said one banker close to the deal. Schlumberger is below benchmark pricing, although less shocking than Volkswagens margin.
Earlier this week, Volkswagen (A3/A-) launched a five year plus one plus one Eu5bn refinancing with a margin of 35bp, linked
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