Lafarge thrives, but Citycon green hybrid is a tough sell
Three companies piled into the euro bond market on Monday, but the deals drew mixed reactions. Two standard investment grade issues from LafargeHolcim and Ford Motor Credit appeared to fare better than a rare green hybrid from Citycon paying a juicy yield.
LafargeHolcim, the Franco-Swiss building products company rated Baa2/BBB, brought a €500m no-grow seven year, while crossover credit Ford Motor Credit Co (Ba1/BBB-/BBB) visited a similar part of the curve with a six year, expected to be €500m.Lower rated was the first hybrid deal, and first green ...
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