Nokia pays to push maturities as it aims for eventual IG return

Nokia has launched a €1bn dual-tranche issue and a tender offer for a bond maturing next year, sucking up a higher funding cost to push out its term structure. Leads started wide but cranked the bonds in, with a 60bp move from initial price thoughts (IPTs) on the back of nearly €6bn of demand. Despite the swathe of downgrades hitting crossover issuers since the coronavirus crisis broke, the Finnish tech company is still planning to regain its investment-grade status in the next years.