Corporate investors savour credit from high to low

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By Mike Turner
10 Sep 2020

Europe’s corporate bond investors had the spectrum of credit ratings to pick from on Thursday, from A- rated Volvo Treasury down to German speculative grade fallen angel ZF Friedrichshafen.

ZF, rated Ba1/BB+ since April 3, opened books for a pair of five and eight year benchmarks at 3.5% and 4.25%, respectively. This was around 390bp and 455bp over mid-swaps.

Lead managers BNP Paribas, Deutsche Bank, JP Morgan, Mizuho and UniCredit marketed the deal on the basis of both ...

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