Repsol is candidate for HY's first fallen angel of the year

By Victor Jimenez
21 Jan 2016

As WTI and Brent crude oil prices slip down below $30, high yield analysts are pointing at Spain’s oil producer Repsol as the first European company that could cross over into the sub-investment grade market.

Repsol sold a €100m 15 year bond at 96.298 with a 5.375% coupon on Thursday morning. Price bid was flat in the afternoon. The notes are listed in the Luxembourg Stock Exchange, but a banker away from the deal said this transaction had been carried out in private placement ...

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