HeidelbergCement’s shaky BBB perfect to reopen corporate bonds
European corporate bond investors, lying in wait since the beginning of this year and deprived of anything juicier than GE Capital bonds, saw a rich prize coming this week and pounced, squeezing cash-hungry HeidelbergCement for an 85bp pick-up over credit default swaps and coupon protection against a downgrade.
Any suggestion that investors were not willing to play was dashed when 125 institutions joined a conference call on Thursday morning, held by lead managers Deutsche Bank and Royal Bank of Scotland when they announced the Eu1bn four year deal.
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