Siemens and Fortum Join Europe's Jumbo Corporate Bond-Deal Dash
- Companies are selling 5.5 billion euros of multi-tranche bonds
- Credit spreads have tightened as fears of rising rates ease
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Siemens AG and Fortum Oyj are both offering multipart euro bond deals, adding to a rush of corporate sales this year as companies lock in low borrowing costs before potential market upheavals.
German engineering giant Siemens is selling four notes totaling 3 billion euros ($3.4 billion) maturing in as many as 20 years, while Finnish power company Fortum is offering three bonds as long as 10 years and amounting to 2.5 billion euros, according to separate people familiar with the sales, who asked not to be identified because they’re not authorized to speak about the offerings publicly. All the securities are fixed-rate notes.