Abertis ‘too good to be missed’ as corp bonds stay red hot

Abertis road in Spain 230x150
By Jon Hay
18 Mar 2019

Abertis Infraestructuras, the Spanish toll roads group, launched on Monday the four tranche bond issue it had roadshowed for last week, and found Europe’s corporate bond market as avid for paper as it has been for the last couple of weeks. That enabled it to achieve a huge book totalling €14.5bn and at least one negative new issue premium.

"I think the Abertis and Schaeffler deals have been quite unique," said a syndicate banker. "With these book sizes, I'm not sure we have seen anything bigger. Both trades are not the easiest credits, but it reiterates that the market is keen on looking for things.

The deal had ...

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