Prosus wows in euro debut with books 13.5 times oversubscribed

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By Mike Turner
30 Jul 2020

Prosus made a barnstorming debut in the European bond market this week, a day after an impressive dollar trade. The Naspers e-commerce vehicle, which attracts investment grade and emerging market investor interest, saw €13.5bn of demand for its €1bn deal.

Prosus, rated Baa3/BBB-, opened books on Tuesday for an August 2028 bond at 245bp over mid-swaps and an August 2032 tranche at 280bp over.

Company CFO Basil Sgourdos said during investor presentations last week that he wanted to raise around $2bn between the two euro and dollar trades, and ...

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