Retail bid helps Metro €500m pay bargain 2bp-7bp premium

German retailer and wholesaler Metro sold its first benchmark euro bond for two years on Wednesday, and capitalised on its rarity to obtain an exceptionally low new issue premium, by recent standards, of 2bp-7bp.

  • 24 Feb 2012

The €500m no-grow seven year came on the same day as KPN’s €750m 10 year, but although the deal was more modest, the pricing was more spectacular, at least according to the leads.

Rated Baa2/BBB/BBB, with a negative outlook from Moody’s, Metro has issued two small MTNs in euros ...

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All Corporate Bonds

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1 Morgan Stanley 6,571.35 36 6.34%
2 Bank of America Merrill Lynch 5,728.88 36 5.53%
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1 BNP Paribas 2,505.33 10 10.40%
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1 Goldman Sachs 553.99 4 8.96%
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1 JPMorgan 2,178.82 15 9.29%
2 Citi 2,107.81 16 8.99%
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Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 BNP Paribas 2,459.18 9 9.61%
2 UniCredit 1,892.23 6 7.39%
3 Bank of America Merrill Lynch 1,585.30 5 6.20%
4 Mitsubishi UFJ Financial Group 1,577.41 6 6.16%
5 ING 1,477.05 5 5.77%