IG corporate primary sees chunky oversubscriptions
Bevco, an investment holding company (holdco) owned by the Santo Domingo family; French transport infrastructure company Holding d’Infrastructures de Transport and Irish safety conglomerate Johnson Controls drummed up €12.4bn of demand between them on Wednesday, as investors piled into high grade corporates in the primary market.
Bevco, rated BBB by S&P, opened books on its €500m no-grow September 2027 bond at 230bp over mid-swaps.
This was whittled away to 195bp over at launch from demand of €2.8bn. The coupon was set at 1.5% with a 1.626% yield.BBVA, BNP Paribas, Crédit Agricole, Caixabank, Intesa Sanpaolo and ...