Merlin Properties extends debt profile with 15 year benchmark
Merlin Properties, the Spanish real estate investment trust, launched on Wednesday a €500m no-grow 15 year benchmark bond, rated Baa2/BBB, with a positive outlook from S&P Global.
Bookrunners Banca Imi, BBVA, BNP Paribas, HSBC, Natixis and Santander announced initial price thoughts of 180bp over mid-swaps in the morning.
With a book of over €1bn, the leads set guidance at 165bp-170bp, and then priced the deal at 165bp, with orders still at the same level.According to Merlin’s ...
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