Veolia and Cellnex dial in crossover rated trades

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By Mike Turner
14 Oct 2020

Veolia, the French water and waste company, and Spanish telecoms infrastructure firm Cellnex were out with crossover rated debt on Wednesday, giving investment grade corporate investors a double chance to pick up spreads at the higher end of their remit.

Veolia, rated Baa1/BBB, but printing hybrid debt at Baa3/BB+, was out with a perpetual non-call April 2026 and a perpetual non-call April 2034 hybrid trade, both in benchmark sizes. The non-call 5.5 year deal started at 2.625%-2.75%, while the non-call 8.5 year started at 3%-3.125%.

The €850m non-call 5.5 ...

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