Investors pour into Asahi acquisition refi bond

By Mike Turner
14 Oct 2020

Asahi, Japan’s largest brewer, drew the biggest demand in the high grade corporate bond market on Wednesday, adding to the recent trend of issuers from the country getting a roaring response from investors in Europe.

Asahi, rated Baa1, opened books on a dual tranche October 2024 and 2028 trade. The four year started at 100bp over mid-swaps, while the eight year started at 130bp-135bp over. 

Demand poured into both tranches. The €800m 2024 notes had €4.2bn of orders by the time guidance was announced ...

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