Vonovia tests demand for long dated corporate debt
Vonovia, the German property company, brought a 20 year bond on Wednesday which gave further proof that corporate issuers looking to offer duration will find a willing audience.
Vonovia, rated BBB+, opened books on its euro benchmark 2041 note at 110bp-115bp over mid-swaps.
The bookrunners skipped initial price thoughts and opened with price guidance, an indication that the deal had been at least partially underwritten. BNP Paribas and Morgan Stanley ran the books.Order books hit €1.4bn and ...