Suez Environnement To Price EUR500M 12-Year Bond At Swaps +1.08

15th Jun 2010 13:32

LONDON (Dow Jones)--French waste and water company Suez Environnement SA (SEV.FR) has set price guidance on its 12-year, EUR500 million bond at 108 basis points over midswaps, one of the banks working on the deal said Tuesday. Credit Agricole S.A., ING N.V., Natixis and Royal Bank of Scotland Group PLC are joint-lead managers of the deal, which is expected to price later in the day. Primary issuance from corporate names has been limited during the last month because of market volatility, but a period of calm has led to a tentative revival this week. The Suez bond was mandated the day after Greece was downgraded to junk status by Moody's Investor Services Inc., indicating there is some resilience in markets. "There's always going to be volatility," said a syndicate banker working on the deal. "Greece is not having too much impact. There's also a lot of money on the investor side waiting for these kinds of deals." Two deals from Alstom SA (ALS) and RTE EdF Transport SA Monday totaled EUR1.25 billion, more than the last five-weeks of issuance from non-financial investment grade companies, according to Societe Generale. Suez Environnement is rated A3 by Moody's Investors Service. -By Art Patnaude, Dow Jones Newswires; +44 (0) 207 842 9259; [email protected] (END) Dow Jones Newswires June 15, 2010 08:32 ET (12:32 GMT)