Eager investors snap up Repsol, MAN, Elsevier bonds

12 Sep 2012

Repsol, MAN and Elsevier all achieved large orderbooks for their corporate bond sales today, as investors continued to find cash in their wallets for new issues and deploy it liberally in search of yield.

The Spanish oil and gas group, rated Baa3/BBB-/BBB-, with negative outlooks from Moody’s and Fitch, has had a rough year, with the expropriation of its Argentine subsidiary YPF in April knocking 40% off Ebitda.

Spanish issuers in general have been effectively barred from the investment grade market at reasonable ...

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