Tyco: a turnaround story

credit of the month

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In early November, Tyco, the Bermuda-based conglomerate, was able to launch its first bond deal for roughly two years. The deal – a $1 billion, 10-year bond that launched at 165bp over Treasuries – is a remarkable turnaround for a company that was one of last year’s frontrunners in terms of damaging investor confidence – no mean feat.

In early February 2002 the company was locked out of the short-dated commercial paper market when it announced plans to break itself into four parts

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