BMW shaves close to curve for fast €1.75bn
BMW, often the very first issuer into the European corporate bond market in January, made its first appearance for 2013 on Tuesday, after only a short delay, and achieved very tight pricing. As in 2012 it began with a two tranche benchmark issue, but this time went for the recently-popular 10 year maturity, creating a 2023 point on its euro curve that is four years longer than its next longest, a January 2019. It was BMW’s first 10 year benchmark issue for 10 years.
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