Philip Morris targets euro double after dollar treble

On Thursday, tobacco company Philip Morris sold a $2bn triple-tranche bond deal. On Friday, it was in Europe selling a €1bn dual-tranche transaction, taking advantage of the demand for longer tenors.

  • By Nigel Owen
  • 03 Nov 2017

The US deal offered investors the choice of two year, five year or 10 year bonds, whereas euro investors were offered seven year and 20 year options.

The A2/A/A rated issuer sold a 20 year deal on its last visit to the euro market, in May 2016. ...

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5 HSBC 2,719.21 17 4.82%