Icade Santé, the healthcare arm of French property group Icade, has printed a debut €500m benchmark bond.
Thanks to strong demand – it was oversubscribed more than six times – pricing came in 35 basis points to print at mid-swaps plus 90bp.
The 10-year paper has a fixed coupon of 0.875%.
“This €500m inaugural bond issue was very well received by the market and largely oversubscribed,” said chief executive Olivier Wigniolle. “It will help fund Icade Santé’s ambitious expansion plan, which has set the goal of investing €1bn in France by 2022 on very attractive financing terms,” he added.
Comps on the deal were German residential property company Vonovia and Hemsö, Sweden’s largest owner of nursing homes.
The former’s 2029s were seen at mid-swaps plus 85bp before the deal while the latter’s were at mid-swaps plus 110bp.
Icade Sante is rated BBB+ by S&P.
The deal was managed by HSBC, Crédit Agricole CIB, Société Générale, Natixis and BNP Paribas, assisted by the White & Case law firm.