Henkel shows that aggressive is now the standard
A Eu700m five year refinancing loan for German consumer goods and cosmetics group Henkel, launched on Friday with a margin of 75bp, has established a tight standard for top-tier European companies, bankers said on Monday.
The deal for the A3/A- borrower follows a five year facility from Philips (A3/A-), which also pays 75bp.
The Philips deal has set a precedent, said a loans banker on Henkels facility. Henkel has the same rating as Philips, and is comparably strong in the market, so it is
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