Akzo and UTC offer a rare pair of floaters
The trend for corporate issuers in 2017 has been to sell bonds with longer tenors, but in among a five deal issuance spree on Monday was a couple of two year floating rate notes from rare issuers.
The last benchmark FRN issued by an entity related to Dutch chemicals company Akzo Nobel was a sterling FRN from the British company ICI, which Akzo acquired in 2008. That bond was issued in 1997 — before the euro came into existence.
Lead managers NatWest Markets
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