OCP launches $1.55bn with 30 year tranche added on

By Francesca Young
16 Apr 2014

Moroccan phosphate group OCP launched $1.25bn of 10 year notes at a 5.75% yield on Wednesday evening, at the tight end of guidance that had already been crunched to 5.875% area. A $300m 30 year note was also added in the afternoon, with guidance of 7.375% area, and launched at that level.

Barclays, JP Morgan and Morgan Stanley are arranging the deal. Pricing was expected to follow in the London evening after GlobalCapital had gone to press.

Guidance for the 10 year note had drawn criticism on Wednesday morning. Initial price thoughts for that tranche had originally been set at ...

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