Abbey's quick execution with generously priced no grow
Abbey National was the third UK bank to come to market this week, announcing a five year deal on Thursday. Following €2bn trades from Barclays and RBS, Abbey decided to go for a quick execution and achieved this by offering a generous 20bp new issue premium and restricting deal size to €1bn. This was enough to negotiate the greater execution risk it faced because of its Spanish connection and sagging investor demand after heavy issuance.
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