Total triumphs with new pricing tactics

The marketing of French oil company Total’s £250m seven year bond issue on Tuesday was the second attempt in recent months to reconfigure the way investors are sold bond deals. The first attempt by Vodafone, in July, struggled to gain support euro investors. However, the response to the Total deal suggests that approach could be replicated, at least in sterling. Nigel Owen reports.

  • By Nigel Owen
  • 07 Sep 2017
For some time investors have complained how far spreads are tightened from initial price thoughts to final pricing. To negate these complaints, Total’s lead manager on the deal, RBC Capital Markets, announced the deal with the spread at which the deal would be priced. There were no initial ...

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