Thales, Becton Dickinson enjoy strong bid for short tenors

By Alex Radford
21 May 2019

Thales, the French defence company, slipped a €500m no-grow three year issue into the bond market on Tuesday, alongside Vodafone's much bigger deal, and after another three-trancher from Becton Dickinson on Monday. All three deals' short dated tranches were priced tightly.

Thales, rated A2/A- with a negative outlook from S&P, employed Crédit Agricole, Crédit Mutuel-CIC, SMBC Nikko, Société Générale and UniCredit as bookrunners.

Around 10am London time, initial price thoughts were put out, of 30bp to 35bp over mid-swaps.

About two hours later, with the book at about €1.4bn, the spread ...

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