New issue premium goes negative for HeidelbergCement

05 Mar 2012

HeidelbergCement, the German cement maker and high yield darling, sold €300m of four year notes on Friday, with a coupon of just 4%. The bond was priced through the issuer’s own secondary curve.

The March 2016 deal, rated Ba1/BB/BB+, attracted an order book of over €1.5bn, enabling the leads to price the notes at par with a 4% coupon. That was in line with guidance that had been tightened. The deal traded tighter on the break.

“The deal went very well,” said ...

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