EIB wins praise for EARN but Italy plan raises fears
The European Investment Bank (EIB) issued a Eu5bn 10 year Eurobond off its EARN benchmark programme (euro area reference note) this week, overcoming record low yields and a volatile market by taking a much applauded pragmatic approach to pricing.
By pricing its issue at 17bp over after early guidance of
15bp-18bp, but still 1bp-2bp inside its curve, the EIB was able to
build a book of around Eu7.25bn via leads Citigroup, Deutsche Bank
and Nomura. Japanese investor participation was high, accounting
for 25% of allocations.
The EIB's success came in spite of
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