Essity's sub-benchmark bond gets plenty of traction

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By Mike Turner
28 Jan 2020

Essity, the hygiene and health products company spun off by Sweden's SCA in 2017, slipped into the bond market with a €300m no-grow 10 year issue on Tuesday. The issuer was estimated to have paid a low single digit new issue premium.

The Baa1/BBB+ rated issuer opened books for the new February 2030 bond early in the morning at initial price thoughts of 85bp over mid-swaps. Bank of America, Commerzbank and SEB were the bookrunners.

Essity has a populated curve up to March 2027. Before the new deal was announced, leads ...

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