ABB goes deep negative on NIP

tight pricing
By Ross Lancaster
25 Apr 2016

Rare issuer ABB returned to the European corporate bond market with panache on Monday, as it issued a benchmark seven year transaction, its first in four years, achieving a negative new issue premium.

Depending on the comparable used, bankers were able to argue that the new issue premium lay anywhere between minus 10bp and minus 5bp. But that the concession was negative was undisputed. 

“There have been a lot of negative premium trades in the past couple of weeks,” said a banker ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial