HeidelbergCement’s shaky BBB perfect to reopen corporate bonds
European corporate bond investors, lying in wait since the beginning of this year and deprived of anything juicier than GE Capital bonds, saw a rich prize coming this week and pounced, squeezing cash-hungry HeidelbergCement for an 85bp pick-up over credit default swaps and coupon protection against a downgrade.
Any suggestion that investors were not willing to play was dashed when 125 institutions joined a conference call on Thursday morning, held by lead managers Deutsche Bank and Royal Bank of Scotland when they announced the Eu1bn four year deal.
No matter that the market was going through a
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