Wendel's bond for makewhole seven times oversubscribed

By Alex Radford
23 Apr 2019

Wendel, the French investment group, issued a €300m no-grow on Monday. This was a typical size for the issuer, but it was its first issue for two and a half years. It will use the money to exercise options to call and make whole on its 2020 and 2021 bonds.

Wendel, which owns stakes in companies that include Bureau Veritas, is now rated Baa2/BBB, having been upgraded from BBB- by Standard & Poor’s in January.

These are much stronger ratings than it had in January 2014, when it issued the €400m seven year January 2021 bond it is now ...

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