What every Belgian dentist needs
French telecoms systems company Alcatel is one of the European corporate debt market’s most innovative issuers. At the end of May the company issued a $500 million FRN with a structure new to the European markets. Bookrunner JP Morgan labelled it a dealer remarketable security (DRS), a type of issue that many borrowers have used in the US with some success. “A dealer remarketable security is a way to significantly reduce the cost of debt through the sale of an option,” says an Alcatel source.
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