- Kinder Morgan (NYSE:KMI) sold its first-ever euro denominated bond today, issuing €1.25M of bonds divided into seven- and 12-year tranches, and orders exceeded €4.75M.
- Yields on euro denominated bonds have fallen to record lows as the ECB has entered the market with bond buying program, and U.S. companies have piled in to take advantage; the boom in issuance reflects how U.S. companies are now able to sell eurobonds offering yields 1.5%-1.75% lower than they would have to pay on equivalent bonds issued in the U.S.
- KMI priced the $750M seven-year tranche at 110 bps over the European benchmark mid-swaps and the $500M, 12-year tranche at 145 bps over mid-swaps.
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