Porsche
The bond serves, among other things, to repay a bridging loan that the holding company had taken out in order to get involved in the IPO of the sports car manufacturer of the same name.
(Photo: imago images/Arnulf Hettrich)
Porsche Automobil Holding SE, the investment company of the Porsche-Piech family, showed great interest in its first bond. Investors’ appetite for debt from blue-chip companies is undiminished, particularly those outside of the financial sector.
The majority owner of Volkswagen AG received orders for a bond worth 750 million euros worth more than 5.35 billion euros on Thursday, the company confirmed. High demand allowed Porsche to cut the issue yield by 45 basis points from the initial offer of 185 basis points via mid-swaps.
A bond from the luxury goods group LVMH attracted similar interest this week, for which demand was almost three times the bond volume.
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