LMVH and Comcast quell virus fears with multi-tranche beasts
LVMH Moët Hennessy – Louis Vuitton SE, the French luxury goods group, and Comcast, the US telecoms company, brought the European corporate bond market’s two biggest multi-tranche issues of the year on Wednesday, each hitting sterling and euros and blasting aside fears around coronavirus epidemic’s economic impact. LVMH raised €9.33bn, and Comcast €4.6bn.
LVMH (rated A1/A+) broke its own record for deal size with a €7.5bn and £1.55bn ($2bn) issue, while A3/A-/A- rated Comcast launched a €3bn and £1.4bn trade.
“What a day!” said a lead banker on the LVMH trade via email. “Excellent deal.”Bank of America, Crédit Agricole, Citigroup, Deutsche Bank, HSBC, Natixis ...