The Australian unit of Holcim has priced A$500m (US$423m) in three-year notes at 335 basis points over swap, a market source who has seen the terms said on Tuesday.
It was the largest bond issue for non-financial borrowers in Australia this year.
Such bonds have taken off with a string of new issues in the past month, reviving a market dormant since 2007 when the global financial crisis hit
Initial price guidance of Holcim’s issue indicated around 350 basis points with an issue size of at least A$150m.
Strong demand, in particular from Europe and Asia where Holcim has operations, allowed the orderbook to exceed A$750m, according to a joint lead.
As a result, Holcim more than tripled the issue size and was able to reduce the margin to 335bps.