Arkema pays for 10s while short dated FRNs extend run

By Michael Turner
11 Apr 2017

Parts of the corporate bond primary market showed signs of strain on Tuesday with one rare issuer, Arkema, pricing a €700m 10 year trade with an 11bp premium over fair value — one of the largest premia for a vanilla corporate trade in recent weeks.

Bankers off the trade put this down to a mixture of the Baa2/BBB rated French chemical company Arkema being a tough sell and investors demanding higher premia after months of borrowers paying wafer thin concessions.

“Arkema is not hugely loved, so it’s a decent outcome ...

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