Rating: A1
Amount: Eu300m
Maturity: January 19, 2007
Issue price: 100.085
Coupon: three month Euribor plus 10bp
Launched: Wednesday January 7
Sole mgr: JP Morgan
Bookrunner’s comment:
The deal went well in spite of the abundance of three year floating rate note paper in the market at the time.
We managed to build a Eu500m order book, but the issuer wanted to raise no more than Eu300m. It was an opportunistic deal.
This deal compares favourably with other deals at the time, such as the NIB and the Union Bank of Norway. Investors wanting yield found FIH to provide them with a pick up.
The order book was mostly UK driven, with investors from the UK taking 40% of the bond, Scandinavia 15%, France 15%, Germany 10% and the Benelux 10%.
Three-quarters of the issue was bought by banks. The rest was taken up by other investors such as asset managers and dealers.