Sanofi-aventis looked set to better its own pricing record on Wednesday with a tap of an outstanding 3.125% 2014 bond. That issue, which originally stood at Eu700m, was priced in September last year at 45bp over mid-swaps, the tightest level any corporate borrower in Europe had achieved since Lehman Brothers’ collapse. But today’s tap of Eu500m is likely to be priced inside those levels, at mid-swaps plus 20bp. Read EuroWeek on Friday for more on this deal and the latest new issues for French property group Klépierre and cement group Lafarge.
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