Oracle, Total show high grades not too proud for premiums

By Jon Hay
05 Jul 2013

Amid the mix of corporate bond issues in Europe on Tuesday were two gems, credit-wise — the first euro bond from Oracle Corp, the US software group, and a rare euro benchmark from Total.

Though a French company, the Aa1 (negative)/AA- (stable) oil company is dollar-based, like all its peers, and does most of its borrowing in the US market — especially when, as in recent years, the basis swap has not favoured dollar-based borrowers raising euros.

With the easing of the ...

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