SWISS FRANCS

摘要

Arcelormittal followed a Swiss roadshow and shrugged off concerns about Greece to bring its debut franc offering. The Luxembourg-based steelmaker opened books on a SFr150m minimum five-year deal at the 2.5% area on Thursday. Rated sub-investment-grade at Ba1/BB/BB+, the deal was led by Credit Suisse and Deutsche Bank. Pricing in the early afternoon came in a larger SFr225m size at the 2.5% coupon and yield level at par, equivalent to mid-swaps plus 273.5bp. That level was wide of the issuer's existing curve in other currencies, around 5p wide of the euro and some 40bp wide of the US dollar curve, according to one lead official, although one trader away from the leads spotted them even wider.