Deutsche Post pushes on with E1bn bond issue
Deutsche Post, the semi-privatised German Post Office, has resumed plans for a E1bn benchmark bond issuance.
The Bonn-based firm has appointed Credit Suisse First Boston and Morgan Stanley as lead managers and is to embark on a roadshow among institutional investors.
It is scheduled to take place between 9-13 September, and will focus predominantly on Germany and the UK.
The company was forced to postpone the issuance earlier this year following a European Commission decision demanding the repayment of about E850m in alleged cross subsidies between the company’s letters and parcels business.
Dr Martin Dopychai, a spokesman for Deutsche Post, said that the decision to go ahead with the issuance followed the main rating agency’s confirmation of the company’s investment grade ratings.
S&P has confirmed its A+ rating, while Moody’s and Fitch have confirmed their Aa3, and AA- ratings respectively.
Deutsche Post says it plans to use the issuance to place short term liabilities on a long term basis.
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