Corporates plough through market softness
Despite a softer market on Tuesday and fears of oversupply of new issues, today’s rate of transactions has not slowed. E.On will follow its 30 year sterling deal yesterday with a five year deal in the same market, with a guidance price of Gilts plus 250bp area. St. Gobain, the building materials firm rated Baa1/BBB+/BBB+, continues the run of split rated borrowers in the market, issuing 5.5 year paper with a guidance of 525bp area over. But how many more transactions can investors take, and how much further down the credit spectrum will they venture? For full coverage of all the deals this week, read EuroWeek this Friday.
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