RBS and Andalucía tap yen demand before ‘golden week’
Royal Bank of Scotland self-placed a ¥6bn three year fixed rate note on Wednesday and a ¥19.05bn 20 year fixed rate note on Monday. The ¥6bn note pays a 1.505% coupon and the ¥19.05bn par-priced deal pays a 4.263% coupon for a spread of 215bp over mid-swaps.
Junta de Andalucía also sold a ¥5bn long 19 year FRN via Société Générale on Monday.
"It had to be done before the golden week in Japan," said a dealer. "It all speeded up on the yen side because of that, so its going to be dead for
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