Bertelsmann pays up for seven year at second time of asking

German publishing company Bertelsmann returned to the euro corporate bond market on Tuesday to remarket a deal it had pulled in May after setting the spread. This time the issuer priced the transaction, but it had to pay a much larger new issue premium than others have done on recent deals.

  • By Nigel Owen
  • 25 Sep 2018

Bertelsmann announced €500m no-grow seven year new issue in May with initial price thoughts of 45bp over mid-swaps, which included a new issue premium of 25bp. 

Lacklustre demand meant the spread was fixed at 45bp, but the issuer decided to postpone the deal before it was priced, saying ...

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