Egg Banking, a U.K. Internet bank, has entered into a foreign exchange swap to convert its first eurodollar USD350 million three-year note into a sterling-denominated liability. Ian Haywood, head of corporate treasury in London, said it had issued a dollar-denominated note in Europe because it attracted a wider investor base. Haywood declined all further comment on the details of the swap.
The note pays a coupon of 30 basis points over three-month LIBOR. The bookrunners were Bank of America and Barclays Capital.
