Japan Tobacco, Hitachi and Naturgy crowd into Tuesday

By Mike Turner
19 Nov 2019

The euro corporate bond new issue market was full of smaller deals on Tuesday, for Japan Tobacco, Hitachi and Naturgy, but investors were preparing for the onslaught of jumbo transactions which they knew were coming on Wednesday and Thursday.

Japan Tobacco, rated A1/AA-, opened books on a €500m no-grow 10 year bond at 120bp over mid-swaps, while Hitachi Capital (A-) took orders for a three year trade for an expected €300m at 80bp.

Further down the credit scale, Spanish energy firm Naturgy (Baa2/BBB/BBB) opened books for ...

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