Veolia rushes into seller's market at the double

Veolia_20March2017_PA_230x150
By Michael Turner
20 Mar 2017

French utility Veolia Environnement’s €1.3bn dual tranche trade on Monday showed that power is still with corporate borrowers, despite grumbling from investors last week that spreads have been tightening too much during primary market execution.

Veolia hit screens first thing with an expected €1bn trade split between a five year tranche and a long nine year.

The rampant demand seen in the corporate market in recent weeks was on full display again, as the Baa1/BBB rated name increased the size ...

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