Vallourec wins big book amid equity market jitters

Vallourec worker 230x150
By Richard Metcalf
23 Sep 2014

Vallourec, the French oil and gas pipeline maker, issued a €500m 10 year bond on Tuesday after building a book of €3.1bn, despite a jittery day for the equity market.

Santander and Société Générale were global coordinators, with BNP Paribas, Crédit Mutuel and Commerzbank as bookrunners.

The company came to the market without a roadshow but invited investors to a conference call on Monday. Comparables included Vallourec's own August 2019 issue, trading at 75bp over mid-swaps, and recent bonds ...

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