Equinix steepens curve but takes more than expected
Equinix, the US data centre real estate investment trust, got a slightly larger size than expected for its dual tranche euro green bond on Wednesday, but its curve steepened.
Equinix, rated Baa3/BBB-/BBB-, opened books for its trade after two days of marketing, telling investors to expect €1bn, split evenly between six and 12 year (March 2027 and 2033) maturities.
They started at 100bp and 135bp over mid-swaps. Barclays, Deutsche Bank, HSBC and ING ran the trade.The €500m ...