The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Deals of the year 2010: BP $3.5 billion senior unsecured dual tranche

After 2009’s blockbuster year for corporate issuance, 2010 was relatively subdued. The common reason for this put out by debt capital markets participants was that although issuance conditions were generally conducive for investment-grade companies, they simply didn’t need the funds. They were in fact hoarding cash. US companies have been doing so at the fastest rate for more than 50 years and European and Japanese companies have been following suit.

BP
Size: $3.5 billion senior unsecured dual tranche
Date: October 1
Leads: BNP Paribas, Citi, RBS, Barclays, Mizuho
Coupon: 3.125% and 4.5%

The standout investment-grade transaction this year involved a company that had the odds stacked against it. For BP, 2010 won’t go down as one of the best years in its history. In April, the Deepwater Horizon incident in the Gulf of Mexico created the largest marine oil spill in the history of the petroleum industry, spewing out an estimated 4.9

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to Euromoney.com and Asiamoney.com analysis and receive expertly-curated updates direct to your inbox.

 

Already a user?

Login now

 

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree