Enormous book helps Sanofi load war chest

Sanofi pharmaceutical laboratory research medicine from corp media gallery 575x375
By Jon Hay
24 Mar 2020

Europe’s corporate bond market showed the same kind of energy on Tuesday that the US market did three times last week, as a clutch of blue chip issuers launched new deals on the very first day of stability the market offered. Sanofi found huge demand and only a slight slowness from the UK being in lockdown.

Among them were two of Europe’s highest quality corporate credits, Nestlé and Sanofi, the French pharmaceutical group.

Both are well known for issuing tightly priced bonds: Sanofi in particular has negative yielding bonds to its name.

This week it had to pay more, but Olivier Klaric, its ...

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