UBS prices €750m FRN, taps demand for core names
UBS braved volatile credit markets on Thursday with a €750m two year floating rate benchmark that was priced at 60bp over three month Euribor. Bankers said the deal benefited from a flight to high quality core names and a lack of primary supply — although some said that market conditions affected the size.
Having gone out on Thursday morning with guidance at 60bp-65bp over Euribor, the bank soon tightened that to 60bp over. UBS was sole bookrunner on the transaction, although it appointed several co-leads.
"Things seemed to be getting worse so we were keen to get in[to the market]," said a
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