Firmenich kick-starts hybrid market in Europe with solid inaugural deal

By Mike Turner
28 May 2020

Firmenich, the Swiss fragrances company, reopened Europe’s corporate hybrid market on Wednesday, as similar deals lined up from companies including Dutch utility firm Tennet.

Firmenich, rated BBB but issuing subordinated debt at BB+, opened books for a perpetual non-call 5.25 hybrid at 4.5% of up to €750m. Citi and UBS are arranging the trade.

Demand was more than €3.25bn and guidance was set at 4%, plus or minus 0.125%, to price in that ...

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