Philip Morris nips back after big hit in Feb for €500m 15yr through curve

Philip Morris Marlboro cowboy
By Jon Hay
08 May 2014

Philip Morris International revelled again on Tuesday in European bond investors’ love of tobacco. As usual, any conscientious objectors were not missed, as even after €5bn of tobacco bond issuance in February and March, investors piled into Philip Morris’s return.

“In the past couple of years Philip Morris have accessed the euro market in two forms,” said a banker at one of the leads, Barclays, ING and Royal Bank of Scotland. “Either with multi-tranche deals, like the seven and 12 year deal in February, or with very attractively ...

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