Thales and Metso Outotec add to bulging primary

By Mike Turner
19 Nov 2020

Thales, the French aerospace and defence company, offered Europe’s high grade bond investors something towards the top of the rating scale on Thursday, while lower rated sub-benchmark sized debt from Finland’s Metso Outotec offered buyers the chance for a bit more spread.

Thales, rated A2/BBB+, opened books on its €500m no grow March 2026 at 75bp over mid-swaps. 

Demand for the debt grew steadily, with books at €1.8bn by the time the spread was cut to 50bp over, plus or minus 3bp. 

Leads BNP Paribas, Crédit Agricole, Deutsche Bank and HSBC were ...

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