Market looks for clues in Becton Dickinson’s 20bp tightening

By Mike Turner
16 Feb 2021

Participants in Europe’s high grade bond market have been left scratching their heads about the performance of a Becton Dickinson €600m 15 year bond since it was issued last week. The spread has come hurtling in by 20bp, despite bankers away from the deal saying they would probably have valued it similarly to the leads.

US medical technology firm Becton Dickinson (Baa3/—/BBB-) printed the February 2036 bond on February 9 at 110bp over mid-swaps.

Within a day, the notes had tightened to 100bp. A syndicate banker spotted them trading at 90.8bp on Tuesday afternoon this week.

Barclays, BNP Paribas, Citigroup, ...

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