Issuers surge into IG corporate market but best credits meet resistance

By Mike Turner
28 Apr 2021

Issuers piled into Europe’s high grade corporate market on Wednesday but investor responses were mixed when it came to the deals at the tightest spreads.

US firms Coca-Cola Company and Toyota Motor Credit Corp joined French telecom company Orange and fallen angel car parts maker ZF Freidrichshafen in the primary market.

Coca-Cola, rated A1/A+, saw its curve steepen. The borrower opened books on a €500m no-grow May 2030 at 65bp over mid-swaps and a ...

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