Switzerland's Ciba completes first euro bond issue

06 June 2003 15:15  [Source: ICIS news]

Armin Meyer
LONDON (CNI)--Swiss specialty chemicals company Ciba said Friday it has completed the placement of its first euro bond.

The Euro500m ($588m) bond has a maturity of 15 years. It pays an interest of 4.875% and was issued at 99.922% of par value yesterday.

The bond was significantly over subscribed within two hours of issue, said Ciba. It added that the placement continues its policy of having a steady level of long-term financing at very attractive rates.

Chairman and chief executive Armin Meyer said: "I am very pleased with the successful placement of our first euro bond. This success reflects Ciba Specialty Chemicals'  high credit quality as well as the group's excellent access to the capital markets. With the issuance of this bond maturing in 2018, Ciba Specialty Chemicals secures long term funding at historically low interest rates."

By: Russell Ong
+44 208 652 3214

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