Suez shakes off Veolia noise to print zero coupon bond

AdobeStock_Suez_575x375_Oct2020
By Mike Turner
02 Mar 2021

Suez, the French water and waste services group, sold €750m of zero coupon bonds on Tuesday, despite being in the midst of fighting off an €11.3bn hostile takeover bid from domestic rival Veolia.

Suez, rated Baa1, opened books on the benchmark June 2026 deal at 65bp to 70bp over mid-swaps.

The trade came days after its board had rejected an €18 a share offer from Veolia for the 70.1% of Suez it does not already own.

Fixed income investors were ...

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