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. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

US issuance: Lafarge makes dollar debut

Building materials company Lafarge has become the first French issuer to issue an SEC-registered deal for five years. But despite the ease with which it did this it seems unlikely many will follow its example.

Lafarge highlighted the challenges and advantages of accessing the US bond market when it sold a $2 billion debut deal in July, split into $600 million, $800 million and $600 million tranches of, respectively, five, 10 and 30 years.

Once the benefits of the US market’s liquidity were indisputable but over the past few years the heightened regulatory oversight has reduced its attractions; at the same time the European investor base has deepened. Only the larger financial issuers are regularly crossing the Atlantic these days; Lafarge is a relatively unusual case.

“It’s a market where there is a very big level of liquidity but with the advantage vis-à-vis the euromarket that it offers for an issuer of our rating (triple B) maturities that we couldn’t find in Europe. As you can see we have issued five, 10 and 30 years,” says Patrice Tourlière, chief treasurer at Lafarge.

Lafarge was refinancing a bank facility following its offer for outstanding minority shares of Lafarge North America in April for $3.5 billion. It wanted to raise a significant amount of cash but also wanted to go further down the yield curve than it has managed before.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

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