Volvo’s floater audience still awake, eager for €200m tap
Volvo, the Swedish truck maker, pulled off another tightly priced floating rate issue today, raising €200m and showing that there are still seams of demand for FRNs in Europe, even if the craze has cooled since earlier in the summer.
“FRNs are not what everyone’s looking at now, like they were a few months ago when rates were really low,” said a banker at one of Volvo’s leads, Danske Bank and Société Générale. “But some accounts still like it on some names.”
Since rates spiked during the summer
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