TXU Launches First Tranche, Orders Reportedly Already Booked

A meeting was held yesterday to launch the B2 tranche of TXU. The $7 billion piece launched with LIBOR plus 3 1/2% pricing and an original issue discount of 99 1/2. There is call protection of 103, 102, 101. Market sources said orders have already been booked for the loans. Bankers declined to comment.