Continental rolls in with fixed rate note

Alloy wheels
By Frank Jackman
10 Oct 2019

German tyre manufacturer Continental rolled into the market on Wednesday, one week after it priced its debut floater in the MTN market last week. The manufacturer had enjoyed several years away from the capital markets, before returning in September with a series of public deals. Elsewhere, political events in Turkey have left lira issuance surrounded in “uncertainty.”

Continentalplaced a €100m 0.231% October 2024 note on Wednesday. HSBC priced the deal at par.

“Nice deal,” said an MTN banker away from the trade. “They’re not a regular name. The positive yield is the real magic. For an investment grade European corporate 0.231% is about ...

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