SES, HIT and RCI pull in Eu2.2bn in slow market

04 Mar 2011

Europe’s corporate bond market saw its only issuance of the week on Wednesday, as satellite operator SES, RCI Banque and toll road firm HIT — all high beta credits — sold deals totalling Eu2.15bn.

Luxembourg’s SES, rated Baa2/BBB/BBB, priced a Eu650m 10 year note at 137bp over mid-swaps, inside guidance and whispers of 140bp.

The borrower paid a new issue premium of roughly 5bp for the debt, which bankers said was low for a triple B credit. SES’s Eu650m 2020 notes were bid ...

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