Eustream sevens fly on Slovakian sovereign pick-up
Slovakian gas pipeline company Eustream made its bond market debut this week with a €500m seven year deal. Some emerging market accounts found the transaction too tight, but a chunky premium over the Slovak government curve and a decent rating meant the bonds found favour with high grade fund managers.
Bookrunners Citi, ING, JP Morgan, KBC and Erste’s Slovenská sporiteľňa priced the Reg S deal at 235bp over mid-swaps after drawing €1.9bn of orders. Several accounts would have preferred a larger deal but the issuer had been strict on size, said syndicate leads.
Bankers away from the deal
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