VW hits sterling again but fails to sell out at launch
Volkswagen Financial Services, like FCE Bank, also returned this week to a market where it had issued recently – in this case the three year part of the sterling curve. In VW’s case, the second issue seemed weaker than the first, however.
On March 22 the issuer raised £250m in a no-grow December 2016 issue that Barclays and Royal Bank of Scotland priced at the tight end of initial price thoughts of 95bp-100bp over the September 2016 Gilt. The book was £270m about 80% real money, 20% retail intermediaries.
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