Ahold shops for seven year after the rush
Monday saw five new corporate bond issues in Europe, but Ahold Delhaize was the only issuer to price a deal on Tuesday. Unlike the triple-B rated issuers on Monday however, the Dutch food retailer paid a single digit new issue premium.
Vivendi, Italgas and Merlin all had to give double digit concessions, but using Ahold’s French competitors Auchan and Carrefour as comparables, the initial price thoughts of 65bp over mid-swaps compared to fair value of low to mid-40s, according to a syndicate manager away from the deal.
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