Eager investors snap up Repsol, MAN, Elsevier bonds
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 Moodys 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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