Borealis seeks dollars and euros in Schuldschein market

Austrian plastics maker Borealis has returned to the Schuldschein market, seeking euros and dollars.

  • By Silas Brown
  • 08 Apr 2019
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The company, rated BBB+ by Standard and Poors, is looking for €150m-equivalent.

Commerzbank, LBBW and Raiffeisen Bank International are offering five, seven and 10 year euro notes, and five and seven year dollars.

Pricing ranges are 75bp-90bp, 90bp-105bp and 105bp-120bp for the euro tranches, and 105bp-120bp and 125bp-140bp for dollars.

"Borealis is well known and well liked by Schuldschein investors," said one banker away from the deal. 

Abu Dhabi’s sovereign wealth fund Mubadala owns 64% of Borealis, and the rest is owned by Austrian oil and gas company OMV.  

The leads will hold conference calls with investors on Wednesday, and order books close on May 8.

  • By Silas Brown
  • 08 Apr 2019

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4 Barclays 61,217.46 271 4.39%
5 Goldman Sachs 53,021.48 262 3.81%

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4 Bank of America Merrill Lynch 14,105.99 45 6.03%
5 Deutsche Bank 13,279.29 68 5.68%

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3 JPMorgan 2,822.43 22 6.51%
4 BNP Paribas 2,674.33 25 6.16%
5 Goldman Sachs 2,523.29 20 5.82%

Bookrunners of Dollar Denominated HY Bonds

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2 Citi 16,616.67 131 9.55%
3 Bank of America Merrill Lynch 12,882.26 107 7.41%
4 Goldman Sachs 12,730.92 97 7.32%
5 Morgan Stanley 9,748.90 76 5.61%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 15,614.90 90 5.82%
2 SG Corporate & Investment Banking 13,889.15 66 5.18%
3 Barclays 13,651.30 58 5.09%
4 JPMorgan 13,469.46 59 5.02%
5 Citi 13,203.46 60 4.92%