Lagardere benefits from hitting the sweet spot

Lagardère, the French media group, targeted investors’ seven-year sweet spot with its €300m no-grow deal announced at the same time as an investor update call on Tuesday. The issuer was rewarded with a €1bn-plus order book the following day.

  • By Ralph Sinclair
  • 14 Jun 2017

Lead managers Crédit Agricole CIB, Commerzbank, ING and Natixis launched the deal at Wednesday’s open following positive feedback from the investor call. Initial price thoughts were set at mid-swaps plus 150bp-155bp.

Last year the unrated company paid a new issue premium of 40bp with a spread ...

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