RCI Banque pulls euro deal
RCI Banque, Renault’s funding arm, pulled a euro denominated five year bond on Tuesday afternoon. Several bankers said the deal, the whispers for which were 205bp-210bp over swaps, was too aggressive, only offering a new issue premium of 5bp. The secondary market widened shortly afterwards, although other borrowers — Alstom and Edenred among them— managed to print deals. Find out on Friday if Europe’s corporate market is cooling.
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