Investors queue up to get into Carmila’s opportunistic outing with others expected

By Mike Turner
23 Nov 2020

Carmila, the French shopping centre owner, rode the positive sentiment generated by news of another promising Covid-19 vaccine on Monday to launch a sub-benchmark bond. Bankers expect such opportunistic, small scale deals to dominate corporate issuance for the rest of the year.

Carmila, rated BBB by S&P, opened books on a €300m no-grow May 2027 trade with price talk of 250bp over mid-swaps.

It had proposed bringing a 6.5 or 9.5 year during marketing last week when it mandated BNP Paribas, Crédit Agricole, Natixis and Société Générale to arrange investor calls. ...

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