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

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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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