SGS’s aggressive approach lands debut at fair value

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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