Dior wins battle of unrated French issuers

摘要

Two unrated French issuers vied for investor attention this week - fashion house Christian Dior and mail specialist Neopost. But for market participants, there was one clear winner. Bankers away from the trades agreed that while both trades did well, christian oior's €500m 1.375% June 2019 transaction was the victor. "This was the stand-out deal of the week," said one syndicate official away from both trades. "For an unrated issuer to come out and price at 77bp over swaps is just amazing. It's such a strong name - normally unrated issuers have to pay up, but the 1.375% coupon is incredible."