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If you were to draw up a list of things that people would rather not have to do amidst an unprecedented market crash that had imposed home working across the industry, selling €2 billion of corporate bonds would probably feature pretty highly.
Single-A rated Unilever conducted this experiment on Friday and seemed relieved and surprised at how well things went.
The global consumer goods company is facing €2.4 billion equivalent in bond maturities during the next few months: €300 million in April, $800 million in May, $500 million in July and €750 million in August.
These are the first two deals that have been done almost entirely remotely on both the syndication and investor-base side… We didn’t see any problems
– Tomas Lundquist, Citi
It had originally planned to sell two five- and 10-year tranches of €500 million apiece through bookrunners BNP Paribas, Citi, Deutsche Bank and Goldman Sachs.
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