Asian investors swoop in for BTMU bonds
Bank of Tokyo-Mitsubishi UFJ’s four-tranche bond on Tuesday attracted $10bn in orders, proving that highly-rated issuers that are willing to pay decent premiums will be rewarded by investors even during choppy markets.
The massive amount of orders helped the Japanese bank tighten final pricing by as much as 15bp from initial price thoughts for the three fixed rate tranches and one floating rate tranche.
The $650m three year fixed rate tranche tightened final pricing to 80bp from the 90bp area,
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