Shell targets long end with triple tranche

Shell petrol stn logo for new website
By Mike Turner
05 Nov 2019

Oil major Royal Dutch Shell hit the euro bond market on Tuesday with a three-tranche trade that had an eight year tranche as its shortest maturity, Syndicate bankers say European Central Bank bond buying is creating more demand further out along the maturity curve.

Shell, rated Aa2/AA-, announced the three benchmark tranches first thing with maturities of eight, 12 and 20 years. BNP Paribas, Goldman Sachs, JP Morgan and Morgan Stanley were bookrunners.

Initial price thoughts were 50bp, 65bp and 80bp-85bp over mid-swaps. 

“We’re seeing what we saw in the last Asset Purchase Programme,” ...

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