US and Japanese names welcomed in euros

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By Mike Turner
25 Feb 2021

Non-European names hit the euro market this week with a trio of US companies and Japan’s Nippon Telegraph & Telephone Corp (NTT) raising debt. But syndicate bankers say rising US rates are still way off the sweet spot that would make the euro market irresistible for all Reverse Yankee issuers.

Commercial real estate investment trust WP Carey (rated Baa2) followed 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, you’re in ...

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