Orange and Burberry make sustainability debuts

Orange 230x150
By Mike Turner
09 Sep 2020

Europe’s high grade corporate issuers are increasingly dipping their toes into sustainability bonds, with telecoms company Orange and fashion house Burberry bringing debut deals.

France’s Orange, rated Baa1/BBB+/BBB+, opened books on a €500m no-grow sustainability bond due September 2029 at 75bp-80bp over mid-swaps. 

This was about 20bp-25bp back of fair value, based on where Orange’s existing curve was trading before the new deal was announced. 

Crédit Agricole and ING are global coordinators, while BBVA, ...

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