Holcim’s €500m no-grow over five times covered

30 Aug 2012

Swiss cement maker Holcim clocked up a book of more than €2.5bn for its €500m bond on Thursday. The demand was startling but was not driven by generous pricing — the no-grow eight year bond came tight, some 10bp inside guidance of 130bp over mid-swaps.

The Baa2/BBB/BBB rated issuer locked in a 2.625% coupon, and at a re-offer of 99.786, the bonds yielded 2.655%. HSBC, Santander, Société Générale and UniCredit were leading the transaction.

A banker away from the deal said it was hard to figure out the new issue premium on the ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.