Ericsson flies despite chunky price revisions

By Michael Turner
20 Feb 2017

Investors piled into a €1bn dual tranche transaction from telecoms company Ericsson on Monday even after the issuer dragged pricing in by around 35bp, in an execution that bankers say highlights how tough it has become for syndicates to derive fair value.

The Swedish borrower printed a €500m four year trade at mid-swaps plus 95bp and a €500m seven year bond at 160bp over mid-swaps from demand of around €7.7bn via leads Citigroup, Crédit Agricole and SEB.

Ericsson, a name on the lower fringes of investment grade ...

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