Unibail, EnBW 12yrs show fine differences in healthy market

EnbW sign for new website
By Jon Hay
28 May 2014

Two corporate bonds were issued in Europe on Tuesday and, unusually, both were 12 year euro bonds from single-A issuers – French property company Unibail-Rodamco and Energie Baden-Württemberg, the German power generator. Both were also priced at 72bp over mid-swaps.

Competition between two such similar deals is unusual – but they also had to vie for investors’ attention with a much spreadier €750m 12 year issue by Goldman Sachs on the same day. Goldman is rated in the same ballpark, at Baa1/A, but trades much wider. ...

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