Vaccine risk-on sees small IG premiums and chunky books in primary

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By Mike Turner
12 Nov 2020

Klépierre, the French shopping centre operator, and UPM–Kymmene, the Finnish paper company, were two of a handful of names to receive raucous receptions from the bond market this week. Issuers benefited as a wave of market-friendly news turned the focus in Europe’s high grade bond market back to a risk on mode.

Klépierre, rated A- by S&P, opened books on an expected €500m February 2031 issue at 140bp over mid-swaps at market open. The leads spotted fair value at around 115bp over.

Meanwhile, UPM–Kymmene, rated Baa1/BBB, saw orders for its €750m November 2028 trade hit €5bn by the time the deal ...

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