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.

  • By Jon Hay
  • 08 Oct 2013

“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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