US corporates pour into high grade euro market

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By Mike Turner
22 Feb 2021

US high grade corporate names hit the European market at the outset this week with WP Carey and General Motors selling bonds and Equinix mandating for a green deal. But syndicate bankers say rising US rates are still some way off the sweet spot to make the euro market irresistible for all Reverse Yankee issuers.

Commercial real estate investment trust WP Carey, rated Baa2, followed up last week’s investor calls by opening books on a June 2030 trade for an expected €500m at 135bp-140bp over mid-swaps. Barclays, Bank of America and Wells Fargo ran the process.

“If you’ve got a foot in warehouses, ...

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