Boehringer launches at long-end of Schuldschein mart

11 Jun 2009

Boehringer Ingelheim, the German pharmaceutical group, has decided to tap the long end of the Schuldschein market by launching a 10 year deal. The note is understood to be the first of that tenor in 2009 and is clear sign of the market’s recovery, according to bankers.

Boehringer, which is unrated but considered to be a double-A credit, launched its Eu300m five, seven and ten year facility towards the end of last week. Respective guidance on the tranches is 190bp-215bp, 235bp-260bp and 280bp-310bp.

The deal is being led by Helaba, HSBC and LBBW.

Bankers in Germany said ...

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