Bank of America and Crédit Agricole are arranging the prospective transaction, which will most likely have tranches ranging from seven to 12 years. Investors invited are European and North American institutional investors.
But Ipsen isn’t the only mainland European borrower to enter the US PP market.
Brussels Airport issued a €500m US private placement in three tenors in a “blowout transaction” last week, according to market sources.
Crédit Agricole, MUFG and SMBC arranged that transaction, which they began marketing with a €300m target. The tenors were 15, 20 and 30 years.
“Everyone had a look,” said a source familiar with the transaction, referring to every PP investor. But he said that in the end, those that bought the notes were North American investors. “European institutions I think were invited but my gut is it was priced too tight for them.”
There was a delayed drawdown till next year, said another market source. "It was a very easy sell for the market I think, but you've got to think, this would have been the perfect candidate for Euro PPs."