It wasn’t an opportunistic bond issue, but it easily could have been. IBM came to the market on Tuesday to refinance its only euro-denominated bond, and happened to catch investors at a peak in demand.
The bond priced at 10bp over the mid-swap rate, at the tight end of price guidance and a stretch better than other listed A-rated corporates ? the spread over the comparable Bund was 21bp, compared to 36bp for similarly rated companies.
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