Groupe Auchan

By Monica Lopez,2014-05-17 08:50
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Groupe Auchan

标题: Groupe Auchan. Euroweek, 09527036, 4/3/2009, 发行 1098

    数据库: Business Source Premier

    HTML 全文Groupe Auchan


    Bookrunners' comment:

    Market appraisal:

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    部分: International Bond Issues


Rating: -/A/?

Tranche 1: Eu500m

Maturity: 15 April 2015

    Issue/re-offer price: 99.694

    Coupon: 4.75%

    Spread at re-offer: 195bp over mid-swaps

Tranche 2: Eu500m

Maturity: 15 April 2019

    Issue/re-offer price: 99.319

    Coupon: 6.0%

    Spread at re-offer: 270bp over mid-swaps

Launched: Wednesday 1 April

    Payment date: 15 April

    Joint books: Calyon, Natixis, Royal Bank of Scotland,

    Santander, Société Générale

    Bookrunners' comment:

    This went very quickly and the book was only open for about 15 minutes. We already had a healthy soft book built and we knew that each tranche was only Eu500m with no chance of growing, so such a short execution wasn't too surprising.

    Both tranches were well oversubscribed, with the shorter deal nearly Eu4.5bn and the longer nearly Eu2.5bn. The book was fairly traditional, with a high percentage of institutional accounts.

    We had set guidance at plus 210bp area for the six year and 270bp area for the 10 year. When we tightened the spread to the final pricing, there were some dropouts

    but only about Eu50m or Eu60m from each book. We had priced against the issuer's curve and this gave a new issue premium to cash of about 20bp for the 10 year tranche and of 5bp for the six year tranche.

    The issuer went on a roadshow last week around Paris, London and Germany, and so credits were happy with the name. It's a fairly rare issuer with only about Eu4.5bn outstanding, and in the past has issued the maximum of one benchmark each year. However, we decided to go for a dual tranche deal to spread the maturities for the issue.

    On Wednesday evening after the deal broke, the six year deal was bid around 15bp tighter and the 10 year was offered about 30bp tighter.

Distribution by investor type (2015 paper)

Fund managers 59%

    Banks 18%

    Insurance and pension funds 15%

    Other 8%

Distribution by investor type (2019 paper):

Fund managers 53%

    Insurance and pension funds 29%

    Banks 12%

    Other 6%

Geographical distribution (2015 paper)

France 36%

    Germany and Austria 19%

    UK 17%

    Benelux 8%

    Iberia 8%

    Italy 7%

    Switzerland 2%

    Nordics 2%

    Other 1%

Geographical distribution (2019 paper):

France 40%

    UK 25%

    Germany and Austria 14%

    Benelux 12%

Iberia 3%

    Switzerland 3%

    Italy 2%

    Nordics 1%

    Other 1%

    Market appraisal:

    "this was interesting. The guidance on the six year deal especially was originally very wide, and so they priced it much tighter. For the credit curve, the gap of 75bp is huge."

    "I heard these were massive books. On the 10 year though there has been some profit taking, although the trade is around re-offer, it's not exactly struggling. There are no real problems with the longer end, it just takes more time for these deals to bed down."

"a good name, even if the sell on it is not easy."

    -------------------------------------------------------------------------------- ?Euromoney Institutional Investor PLC. This material must be used for the customer's internal business use only and a maximum of ten (10) hard copy print-outs may be made. No further copying or transmission of this material is allowed without the express permission of Euromoney Institutional Investor PLC. The most recent two editions of this title are only ever available at http://www.euromoneyplc.com

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