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GC Asia
Smokin! BAT ignores market fears to sell tight bond
British American Tobacco braved choppy and obstacle-ridden seas in the European corporate bond market to price a €600m 10 year bond on Wednesday — and found a strong reception.
“It’s gone very well, we had a high quality book of close to €4bn after reconciliations,” said a syndicate banker at one of the leads. The bond was priced at 123bp over mid-swaps, after original price talk of 130bp-135bp.
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