FCE erases memory of pulled tranche with successful five year

12 May 2013

FCE Bank, the European finance arm of Ford, priced a €500m five year bond today, just over three months after a dual tranche 3.25 and 7.25 year sale in February misfired and the issuer had to pull the longer note.

Then as now, FCE was rated Baa3/BBB-/BBB-, with stable outlooks from Moody’s and Fitch and positive from Standard & Poor’s.

The credit markets are much warmer now, however. The more popular 3.25 year tranche of FCE’s last deal, led by BNP Paribas, Credit Suisse and HSBC, was priced on ...

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