SGS’s aggressive approach lands debut at fair value

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By Mike Turner
14 Apr 2021

SGS, the Swiss corporate testing and verification company, came out aggressively for its debut Eurobond on Wednesday, and was rewarded with a spread flat to fair value.

SGS, rated A3, followed two days of marketing calls by opening books on a benchmark six year (April 2027) trade at 70bp over mid-swaps. Citigroup and Credit Suisse were bookrunners.

By 10.55am in London, before guidance had been announced, the leads sent out an update letting investors know that ...

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