Air Liquide’s €500m 10-year is a slam dunk

Airliquide 1
By Jon Hay
28 May 2014

Air Liquide, the French industrial gases group, is about as unchallenging a credit as they come in the European market. On Wednesday it raised €500m with a very straightforward, 10 year no-grow bond.

The A+ rated deal followed two similar 12 year issues on Tuesday, by German power generator Energie Baden-Württemberg (A3/A-/A-) and Unibail-Rodamco, the French property company (A/A+).

Both those deals had sold pretty well, with books of €2bn and €1.2bn respectively. But both were trading wide of reoffer on ...

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