Wednesday’s crowd win tight pricing

By Alex Radford, Jon Hay
16 May 2019

A flurry of corporate bonds came to the European market on Wednesday, and all found strong receptions, as demand for investment grade credit remained unabated by the rumblings of US-China trade war and President Trump’s aggressive noises against Iran.

Philips, the Dutch medical technology company rated Baa1/BBB+/A- (all stable), launched its benchmark seven year, its first green bond, at initial price thoughts of 65bp-70bp over mid-swaps. 

Bookrunners BNP Paribas, HSBC, ING, MUFG and Rabobank pulled in a hefty book of €3.3bn and chopped the spread to 42bp, ...

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