Tyco: a turnaround story

Tyco has succeeded in launching its first bond issue for almost two years. Is the company finally starting to present an attractive proposition to bondholders?


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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