Clydesdale attracts 'outstanding' demand for debut holdco

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By Jasper Cox
19 Jun 2017

Clydesdale Bank was heavily oversubscribed for an eight year non-call seven £300m floating rate note (FRN) on Monday in its first senior deal from its holding company.

Bookrunners Bank of America Merrill LynchBarclaysCiti and Morgan Stanleyput out initial price thoughts of Gilts plus 287.5bp area, but guidance was tightened to 262.5bp-275bp. The leads then managed to set a final spread well inside guidance at 250bp over Gilts.

The order book at the guidance stage was £2.6bn, ...

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