New issue premium goes negative for HeidelbergCement
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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