Published on 6/8/2012 in the Prospect News High Yield Daily.
New Issue: France's Renault prices ¥32 billion 3.2% two-year notes at 280 bps
By Paul A. Harris
Portland, Ore., June 8 - Renault SA priced a ¥32.3 billion issue of 3.2% two-year notes (Ba1/BB+/BBB+) at a 280 basis points spread to the Japanese benchmark, a market source said on Friday.
The spread came on top of spread talk that was revised from earlier talk of 275 to 285 bps.
Mizuho Finance and Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. managed the sale.
The issuer is a Boulogne-Billancourt, France-based automobile manufacturer.
| Issuer: | Renault SA
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| Amount: | ¥32.3 billion ($405 million equivalent)
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| Maturity: | June 13, 2014
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| Securities: | Notes
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| Managers: | Mizuho Finance, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
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| Coupon: | 3.2%
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| Spread: | 280 basis points over Japanese benchmark
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| Trade date: | June 8
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| Settlement date: | June 15, 2012
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| Ratings: | Moody's: Ba1
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| Standard & Poor's: BB+
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| Fitch: BB+
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| Price talk: | 280 bps, revised from previous 275 to 285 bps
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