Cellnex gets blowout bid for €450m

By Mike Turner
09 Jan 2020

Crossover credit Cellnex, the Spanish mobile phone mast owner, offered investment grade bond investors the chance to pick up some spread on Thursday, while unrated Air France-KLM waits in the wings.

Cellnex is rated BB+ by S&P and BBB- by Fitch. It opened books on a €450m seven year trade at 155bp over mid-swaps.

Investors piled into the trade, bringing the books to over €3.3bn when guidance was revised to 130bp.

Books swelled to around €4bn and final guidance was given of 120bp ...

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