SNCF Réseau steamed ahead with a new century bond issue this week, its second and largest deal to date, amid declining rates that has seen more and more investors take a risk at the ultra-long end in return for yield pick-up.
SNCF Réseausold a €100m 1.425% August 2119 private note on Monday. HSBC ran the deal. The issue price was undisclosed.
“That is a nice trade,” said one MTN banker away from the deal. “I assume this, like previous 100 year bonds, has gone into Germany.”