Dolphin plays it safe

Lead managers ABN Amro, JPMorgan, Rabobank and Royal Bank of Scotland sold the five year senior notes of ABN Amro’s Dolphin 2011-1 on Thursday, pricing the Eu500m piece deal at 140bp over three month Euribor, the wide end of the 135bp-140bp price talk released on Tuesday. The deal was 1.3 times covered, and like Holmes (see separate story) real money investors dominated.