Gasunie ratchets in spread and extends curve

gas hob flame
By Mike Turner
26 Sep 2019

The corporate bond market took its foot off the gas a little on Thursday, and Dutch gas distribution firm Netherlands Gasunie had the market to itself as it extended its curve by three years.

The A1/AA- rated issuer followed up its tender offer on Wednesday by hitting screens first thing Thursday morning with a €500m no-grow 12 year trade.

Leads set initial price thoughts at mid-swaps plus 75bp-80bp before whittling this down to plus 55bp-60bp guidance when books topped €2bn.

The deal ...

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