Sanofi gets paid to borrow three year money

Sanofi logo building from Alamy 230x150
By Jon Hay
13 Mar 2019

The extraordinary conditions in Europe’s investment grade corporate bond market, in which three issuers in succession had printed multi-tranche bonds this week with no new issue premiums, produced a new bizarre result on Wednesday when Sanofi, one of the market’s tightest-trading issuers, took its turn.

The French pharmaceutical company, rated A1/AA with stable outlooks, with an extra AA from Scope Ratings, is well known for being price-conscious and often pricing bonds at low coupons and tight spreads.

The Brexit saga had just reeled to yet another absurd climax on Tuesday night, when the House ...

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