BMW gets engine revving for 2021’s bond market with negative premia

By Mike Turner
07 Jan 2021

BMW set Europe's investment grade corporate bond market off to a flying start for the year on Monday, printing €1.5bn of debt at or inside fair value.

BMW was the only live deal on Monday, though French rolling stock company Alstom and US real estate investment trust Digital Realty announced mandates.

BMW, rated A2/A, opened books on a euro benchmark January 2026 at 65bp over mid-swaps and a €500m no-grow January 2033 at 75bp-80bp over.

Orders poured ...

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