Shell targets long end with triple tranche
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.
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