Sanofi gets paid to borrow three year money
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.
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