Cellnex gets blowout bid for €450m
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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