AdP takes off amid better sentiment

03 Jul 2011

While Vivendi drew attention on Monday with its E1.75bn dual tranche bond, another well known French company — but with a much smaller borrowing requirement — also took the opportunity to price a deal. Aéroports de Paris, rated A+/A+ (both stable), issued only twice in 2010 and once in each of the previous two years, and half of those deals were in Swiss francs. The French state owns 52% of the company directly and 8% indirectly.

“AdP had only been looking at the market for a few days,” said a syndicate official at one of the leads, HSBC and SG. “They saw the market reopen last week, and the successful deal for Total Infrastructures Gaz France, which raised 10 year money. We were showing ...

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