Heinz storms dollar market

摘要

Investors piled into the USSlObn bond deal backing hj heinz's US$46bn merger with kraft foods last Tuesday, helping the company pay hardly any new-issue concession on the deal, which was followed the day after by smaller tranches in euros and sterling. The ketchup-maker tapped maturities of two to 30 years for the senior unsecured dollar offering, which received around USS45bn in orders and helped push US high-grade issuance to a new quarterly record (see page 8). Despite a recent spike in volatility, the company achieved tight pricing on the seven-part deal, with several tranches coming inside Kraft's existing curve.