RCI Banque gives FRN investors extra length
Floating rate investors were not left behind in Monday’s glut of issuance. RCI Banque, the Baa1/BBB rated car financing subsidiary of Renault, brought a seven year floater, sized at €500m no-grow.
This is not as rare a product as it was once — Daimler and Snam have issued it this year and AT&T one almost as long.
“It’s different from a short floater, where people are looking for an alternative to parking cash on deposit at minus 40bp,”
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