FBN gets Eu6bn demand for pre-merger deal
This week’s only senior unsecured bank issue shrugged off challenging market conditions to attract a hefty order book of Eu6bn. Tuesday’s successful inaugural dual tranche deal from Fortis Bank Nederland underscored the nationalised bank’s investor appeal ahead of its likely merger with ABN Amro’s Dutch business – also owned by the government – later this year.
"The bank needed to show it could do a strong deal ahead of the expected merger, which it definitely did this week," said one syndicate banker on the deal.
Market participants praised the banks strategy for its Eu2bn two year FRN and Eu2bn five year fixed rate issues. "It
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