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Prologis, the US warehouses Reit, found a very warm reception to its first euro benchmark issue since 2015 this week, leading bankers to surmise that other reverse Yankee issuers might follow it to the euro market.
“We ended up pricing close to a 0bp new issue premium, which is one of the lowest we have seen for many weeks, which shows how much support there is for this credit,” said a banker at one of the bookrunners, BNP Paribas, Goldman Sachs, ING and JP Morgan.
Prologis, the US real estate investment trust focused on logistics properties, had issued a €300m 10 year green bond in March, but its last benchmark deal in euros was three years ago.
It launched the 10.4 year senior unsecured deal on Wednesday, having held an investor call...