BMW bows to investor power as corporate bond stars align
European corporate bond issuers finally shook off their shyness and acceded to investors’ demands for higher spreads this week, spurring the market back into life after months of sloth.
BMW became the first auto issuer to come to terms with the new pricing paradigm, issuing a Eu750m five year transaction at 525bp over mid-swaps with a 8.875% coupon, while a coterie of utility firms lined up to take larger amounts out of the market.
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