Emerson’s patience could revive Reverse Yankees
After waiting nearly a month, US engineering firm Emerson Electric on Tuesday landed the dual tranche deal it roadshowed in December. The €1bn dual tranche offering was a good deal in its own right, but could also herald the return of the Reverse Yankee market in 2019.
Emerson, rated A2/A+, opted for 6.75 year and 10.75 year tenors after marketing seven to 12 year maturities when it met investors. Leads Barclays and Deutsche Bank set initial price thoughts at 100bp over mid-swaps and 140bp over mid-swaps.Emerson was able to print €1bn ...
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