Edenred's €500m debut CB pays -1.5% yield

摘要

French employee benefits and payments company edenred set a new low for yield in Europe's primary market, breaking the record for negative yield set just weeks earlier. There was no pre-sounding ahead of launch for the €500m deal despite the fact it was coming from a debut issuer and was the first convertible bond out of the traps in Europe following the August break. Similarly the previous European structured equity deal, a €600m CB at the end of July for French electronic payments company Worldline, was not pre-sounded despite it being the issuer's debut in the market.