Asfinag 20 year falters in market turbulence
Asfinag braved one of the most volatile days of the year to price a €750m 2.75% 20 year transaction on Tuesday, opting to go ahead with the trade to avoid having to raise its €2bn borrowing requirement in one hit after the summer.
Twenty years is the longest maturity attempted by a European agency this year and the fact that the deal did not reach full subscription and traded down in the aftermarket highlights investor nervousness at the unstable rate picture.
Bankers not involved with the trade were surprised by the
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