Michelin gets blowout demand for €1.5bn trade

By Mike Turner
26 Oct 2020

Compagnie Générale des Etablissements Michelin, the French tyre company, won more than €10bn of demand for its €1.5bn bond issue on Monday. Now a growing number of corporate bankers expect to see European high grade spreads return to pre-Covid 19 levels.

Michelin, rated A-/A-, opened books for November 2028, 2032 and 2040 tranches on Monday, days after signing a €2.5bn three year sustainability-linked loan.

The €500m eight year started at 60bp-65bp over mid-swaps, before launching at 35bp from demand of €3.1bn; the €500 12 year started at 75bp over ...

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