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European corporate bonds were mostly unchanged on Wednesday, and activity was in the new deal pipeline where UK engineer Invensys planned to sell 650 million pounds of high yield bonds.
The FTSE Euro Corporate Bond Index showed investment-grade corporate bonds in euros yielding an average 62.1 basis points more than similarly dated government bonds at 1603 GMT, 0.6 basis points less on the day.
"We are looking a little better - moving tighter from close to the wides of the year," one trader said. "But it's on very little trading."
Auto bonds, the most widely traded credits in Europe, have recovered some of their lost value from the previous day.
General Motors' 8.375 percent euro bond due 2033 was trading at around five basis points tighter at 232 basis points over Bunds, the trader said, after on Tuesday widening around eight basis points.
Invensys will sell the equivalent of 650 million pounds of high-yield bonds denominated in euros and US dollars on Friday, a banker said.
The 2011 bonds will be priced to give a yield of between 9.5 and 9.75 percent, the banker said. The tranche sizes have yet to be decided.
The deal, which will give the company net proceeds of 625 million pounds, is part of a wider 2.7 billion pound refinancing plan which also includes the placing and open offer of 2.186 billion new shares to raise 450 million pounds and five-year credit facilities of 1.6 billion pounds.
Invensys has also launched a tender offer to buy back any or all of its outstanding 500 million euro 5.5 percent 2005 notes. It will buy back the bonds at a spread of 75 basis points over the 2.5 percent March 2005 Bund. Pricing will take place on Thursday.
On Monday, Moody's Investors Service cut Invensys' unsecured issuer rating three notches to B3 from Ba3. Standard & Poor's has said it may also cut the company's ratings. S&P currently assigns Invensys a BB- long-term corporate credit rating and a B senior unsecured debt rating.
Books close on the new bond issue, which is being managed by Deutsche Bank, on Thursday afternoon, and pricing is expected on Friday, the banker said.

Copyright Reuters, 2004

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