Michelin plans to sell 500 mln euro bond -lead

Newswire

LONDON, Nov 26 (Reuters) - Compagnie Generale des Etablissements Michelin , Europe's biggest tire maker, plans to sell a 500 million euro 30-year subordinated bond on Wednesday, a lead manager for the deal said. Orders for the bond exceeded 900 million euros on Wednesday morning, the banker said. The bond, which will be callable after 10 years, is expected to be priced to give a spread of between 190 and 210 basis points over mid-swaps.

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