URW raises debt after share sale debacle

By Mike Turner
25 Nov 2020

Shopping mall operator Unibail-Rodamco-Westfield priced a €2bn dual tranche bond from €7.2bn of demand on Wednesday, after fixed income investors were left unfazed by its shareholders blocking a rights issue earlier this month.

URW was joined in the euro market by the UK beverage bottler and producer Coca-Cola European Partners and in sterling by UK gas distribution company Southern Gas Networks.

Unibail, rated Baa1/BBB+, opened books on a May 2027 trade at 150bp-155bp over mid-swaps and a December 2031 tranche at 200bp ...

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