US credit ignores equity slump as Nestlé flies

By David Rothnie
10 Sep 2020

Nestlé made the tech stock sell-off look irrelevant as it raced into the US corporate bond market as soon as it opened this week, raising $4bn and scoring the lowest coupons on record for a 144A issuer at those maturities on each of its four tranches.

The Swiss foods group, rated Aa3/AA-, wants to be seen as a regular dollar issuer after making its debut in the currency in September 2018.

It employed Citigroup, Deutsche Bank, HSBC and UBS on Monday to offer three, five, seven and 10 year bonds.

“The company wanted to get ahead ...

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