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Corporate Bonds

Ingenico and Mahle offer case study of two unrated debuts

Ingenico had never issued a bond before this week, but its name is becoming ubiquitous as a maker of card payment devices in shops. That recognition helped it make a successful bond debut on Tuesday, raising €450m at a spread comparable with peers’ secondary levels – without the concession that an unrated debut borrower would usually pay in a less bullish market.

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