(Bloomberg) -- Solvay SA’s first issue since it spun out some of its business in December has pulled in more than €8.8 billion of bids, in the latest sign that investors’ appetite for debt is unabated.

The Belgian chemicals and plastics maker is seeking €1.5 billion ($1.6 billion) from bonds maturing in 2028 and 2031, according to a person familiar with the matter. Some of the proceeds of the new notes will be used to refinance part of its existing €1.5 billion bridge loan facility, the person said, who asked not to be identified because they’re not authorized to speak about it.

Solvay finalized the carve out Syensqo SA in December, looking to create a specialty chemicals company with above-market growth while concentrating on cash generation with its remaining essential chemicals business. The company’s long-term rating was downgraded by S&P Global Ratings to BBB- from BBB after the spin off.

Read more: Syensqo Spinoff Starts Trading at Almost €10 Billion Value

“Solvay’s business is more commoditized than most EUR BBB peers and is therefore more cyclical, especially compared to specialty chemical producers,” Creditsights analysts Felicity Juckes and Laurent Vergnault wrote in a note.

“Assessing the fair value of Solvay’s new bonds is a challenging exercise since the issuer currently has no bonds left in its capital structure,” they added.

The four-year tranche will price at 115 basis points over mid swaps while the seven and a half year one at 165bp over.

The deal is being managed by global coordinators BNP Paribas SA, Bank of America, JPMorgan Chase & Co, Morgan Stanley as well as bookrunners Commerzbank, Credit Agricole SA, ING Bank NV, KBC Group NV and other joint bookrunner Intesa Sanpaolo.

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