Essity's sub-benchmark bond gets plenty of traction

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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