Peugeot talks €300 million minimum five-year notes at 7½% area yield; pricing expected Thursday

By Paul A. Harris

Portland, Ore., Feb. 28 - French car-maker Peugeot SA talked a €300 million minimum offering of five-year senior notes (Ba3/BB-) with a yield in the 7½% area, according to a market source in Europe.

The Regulation S deal, which is heavily driven by reverse inquiry from across Europe, trailing an investor credit update, is set to price on Thursday.

After recent downgrades by Fitch Ratings, Moody's Investors Service and Standard & Poor's, the new bonds from Paris-based Peugeot are priced to move, the source added.

Joint bookrunner HSBC will bill and deliver.

BNP Paribas, Credit Agricole CIB and Deutsche Bank are also joint bookrunners.

Natixis and SG CIB are the co-managers.

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