Statoil Hydro brings back quality as feelgood factor returns
Statoil Hydro, the Norwegian petroleum and natural gas firm, produced one of the highest quality deals in the US high grade market for several weeks when it sold a well-received $900m five year at a mere 75bp over Treasuries this week.
The notes also rallied fiercely. After pricing on Wednesday, the 2.9% notes were dealing at 65bp/60bp by Thursday afternoon in New York. The lead managers were Bank of America Merrill Lynch, Citigroup, JPMorgan and Morgan Stanley.
"It is a great name and there havent been many high quality names
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