Repsol over six times covered, despite softer bond market
Investors poured orders into the only new issue on Friday, despite a softer backdrop in the corporate bond market. Repsol, a Spanish energy company, was more than six times subscribed for its €750m eight year note.
Repsol was issuing in the wake of the European Central Bank's policy meeting on Thursday.
The ECB said that it was leaving its main interest rates on hold, but left the way open for the rates to be lowered later this year.“The market reaction was rather positive,” said a ...