IG rampant as Siemens gets €12.7bn of demand

Corporate company industrial industry cog machinery from Adobe 230x150
By Mike Turner
11 Feb 2020

Siemens, the German machinery group, launched a €4bn and £850m multi-tranche jumbo bond issue on Tuesday, blowing away worries that similar deals from last week had started to saturate the market.

The borrower, rated A1/A+, announced a raft of tranches at market open. At the short end was a three year at initial price thoughts of 40bp over mid-swaps. A six year was offered at 50bp, a nine year at 60bp and a 12 year at 70bp.

The five year ...

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