Ten years works for quick return and long wait
Canadian car parts maker Magna International and French property company Gecina both priced 10 year deals in the European corporate bond market this week. Magna had waited two years since its last euro issue, Gecina just three months.
Magna completed a roadshow on Friday and lead managers BNP Paribas, Bank of America Merrill Lynch and ING announced the expected €500m deal on Monday, with initial price thoughts of 75bp-80bp over mid-swaps.Magna’s only previous issue in euros was a €550m eight year transaction ...
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