Air Liquide prices through curve as corporate concessions collapse

Air Liquide
By Mike Turner
26 Mar 2020

New issue concessions have tumbled in the high grade corporate bond market today. French industrial gases company Air Liquide has rewritten this week's rules by pricing a bond through its own curve on Thursday.

Air Liquide, rated A3/A-, priced two €500m no-grow tranches this afternoon amid a hail of deals from investment grade companies. The five year was priced at 120bp over mid-swaps and the 10 year at 140bp. 

That was equal to zero new issue premium, according to two bankers away from ...

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