Saturday, 30 July 2016
Last updated 7 hours ago
Feb 12 2010 | 5:35am ET
The Man Group this week sold its first bonds in a year-and-a-half, and its first denominated in euros.
The world’s largest publicly-traded hedge fund sold €600 million (US$823 million) in five-year notes. The issuance nearly doubles the amount of Man’s outstanding bond debt, which stood at US$950 million before the offering.
The new bonds are priced to yield 345 basis points in excess of the benchmark mid-swap rate, Bloomberg News reports. The bond sale pushed Man credit default swaps by almost a quarter.
The offering was managed by Credit Suisse, JPMorgan Chase and the Royal Bank of Scotland Group.