BMW shaves close to curve for fast €1.75bn
BMW, often the very first issuer into the European corporate bond market in January, made its first appearance for 2013 on Tuesday, after only a short delay, and achieved very tight pricing.
As in 2012 it began with a two tranche benchmark issue, but this time went for the recently-popular 10 year maturity, creating a 2023 point on its euro curve that is four years longer than its next longest, a January 2019. It was BMW’s first 10 year benchmark issue for 10 years.
BNP Paribas, Deutsche Bank, HSBC, JP Morgan and SEB had the mandate for what began as benchmark 3.75 year and 10 year tranches on Tuesday morning.
"The target size was around 1.5bn," said a banker at one of the leads. "When BMW saw the strength of the bid and
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