A.P.Moller Maersk prepares to price 12-year sterling bond

Tue Mar 26, 2013 5:50am EDT

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LONDON, March 26 (IFR) - Unrated Danish shipping conglomerate A.P. Moller-Maersk on Tuesday started marketing a 12-year sterling denominated bond, having hosted a call with investors a day earlier.

The group started testing investor appetite for the new paper with initial pricing thoughts at 200bp over the benchmark 5% March 2025 UK Gilt, for pricing later in the day via Barclays, RBS and Santander GBM.

The company was last in the public market in August last year when it brushed off the usual mid-summer lull to price a EUR750m seven-year at 200bp over mid-swaps.

Last month, A.P. Moller-Maersk beat annual profit forecasts and predicted its container shipping business would benefit from a pick-up in world trade this year, helping to overshadow a warning on falling earnings at its oil business.

The Danish group is often considered a bellwether for global trade as its vessels make up 14% of world container shipping capacity. (Reporting By Josie Cox; editing by Natalie Harrison)

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