In July global satellite communications company SES Global, at the time rated BBB/Baa2, issued the biggest ever US dollar private placement. Breaking the $1bn level proved a momentous issue for the US dollar private placement market, proving that this market offers borrowers access to large amounts of funds with one issue.
The company achieved tight pricing of 160 to 175 basis points over governments. This was at the tight end of the price talk and was particularly notable given that competitor IntelSat, rated A2/BBB+, was trading at 195 to 210 basis points in nine years.
