Legrand prints Eu400m as corporate market gets choppy
Legrand, the French electrical components firm, was set to price a Eu400m seven year bond on Thursday afternoon, as spreads in Europe’s investment grade corporate market widened in the morning, hitting most of this week’s deals.
BNP Paribas, Natixis and Société Générale launched the note for Legrand, rated BBB+/BBB, with whispers of 120bp-125bp over mid-swaps. The borrower said then it would print no more than Eu400m.
Guidance was tightened to the 120bp area and the bond is expected to be priced at 118bp equating
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