Pace eases: Cepsa and Tyco take €500m each
Cepsa, the Spanish oil company, and Tyco Electronics, the US sensor technology company whose parent TE Connectivity is headquartered in Switzerland, hit screens with single tranche bond issues on Thursday, giving investors a break from the rash of jumbo deals in euros earlier this week.
Cepsa, rated Baa3/BBB-/BBB-, opened books for an eight year benchmark at 115bp over mid-swaps, via global coordinators Citigroup and Santander and active bookrunners MUFG, Natixis, Société Générale and UniCredit.
Demand was above €1.7bn by the time guidance was announced at 95bp to 100bp for an expected size of €500m.Orderbooks remained at ...
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