Investment grade pricing disparity surfaces
Pricing disparities between Europe’s investment grade borrowers could grow sharply in 2010, said bankers on Wednesday, as they took in deals from Philips and Telecom Italia, two of the first companies to tap the market this year.
Philips, the Dutch consumer electronics group rated A3/A-, will launch a five year refinancing deal paying a margin of 75bp in the next few days. Telecom Italia (Baa2/BBB/BBB), however, is paying 130bp for a three year refinancing.
“Pricing exploded last year as banks’ own funding situation changed and they
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