Thales gets €500m with zero NIP

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By Mike Turner
22 Jan 2020

Thales, the French defence company, sold a €500m bond on Wednesday that appears to have been priced with no new issue premium, or even at a fraction inside its curve, in a corporate bond market heavily weighted in borrowers’ favour.

Bookrunners Crédit Agricole, Crédit Mutuel-CIC, Commerzbank, Natixis and Santander opened books for the €500m no-grow seven year trade, rated A2/A-, at initial price thoughts of 60bp-65bp over mid-swaps.

Thales has two bonds outstanding around that maturity — a 0.875% April 2024 bond that the leads ...

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