Veolia reawakens corporate bond market
The corporate market has reopened with a bang this week, with Eu2.75bn of issuance already this morning. Veolia Environment, which met investors on a roadshow at the beginning of March, will today issue Eu2bn in a dual tranche deal, with Eu1.25bn of five year paper pricing at mid-swaps plus 250bp and Eu750m of 10 year at plus 330bp. Tyre firm Michelin is also out in the market, and is likely to print Eu750m of five year paper, having tightened its pricing guidance so that the deal yields 8.75%. To find out how this and all the deals in the market this week performed, read EuroWeek this Friday.
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