Cepsa and Merlin open ‘opportunistic’ IG issuance period

Merlin Properties building for web
By Mike Turner
06 Jul 2020

Spanish issuers were out in Europe’s corporate bond market on Monday, with Cepsa and Merlin Properties raising debt, as bankers and analysts expect a few weeks of “opportunistic” issuance in the run-up to earnings blackouts.

Oil and gas company Cepsa, rated Baa3/BBB-/BBB-, launched a €500m no-grow 5.6 year (February 2026) trade that slots into its curve between existing February 2024 and 2028 notes. 

Initial price thoughts were 300bp over mid-swaps, around 55bp back of fair value.

A plethora of lead managers working on the trade ...

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