Unibail exploits widening swaps to print Eu500m bond
Longer-dated maturities were back in favour this week in the European corporate bond market, with French commercial property group Unibail-Rodamco and Deutsche Bahn, the German rail operator, selling 10 and 12 year benchmarks, respectively. Bouygues of France sold a nine year note as part of a tender offer (see above).
Unibail-Rodamco, rated A/A, priced its Eu500m 3.875% transaction on Tuesday, its second benchmark this year, following a five year deal of the same size in February.
The borrower had wanted to issue 10 year paper for several weeks. But its bookrunners, Barclays Capital, BBVA, Royal Bank of Scotland and
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