Sanofi trounces own price record with Eu500m tap
French pharmaceutical company Sanofi-aventis tapped an outstanding 2014 bond this week in a deal priced at just 20bp over mid-swaps. This was the tightest level any corporate issuer in Europe has been able to access the market at after Lehman Brothers’ collapse — since Sanofi-aventis itself last broke that record.
The company this week tapped that record-breaking Eu700m 2014 bond, which had been priced last September at 45bp over mid-swaps. It had been part of a dual-tranche offering totalling Eu1.5bn. The issue had since rallied and was trading at 2bp-3bp over.
"Retail accounts had been buying it like
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