Lafarge thrives, but Citycon green hybrid is a tough sell

Jenisch, Jan of LafargeHolcim from Adobe 18Nov19 230x150
By Mike Turner
18 Nov 2019

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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