Dexia brings first £1bn SSA trade since surprise UK election result

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By Craig McGlashan
06 Jul 2017

Dexia Crédit Local this week brought the first £1bn-plus sterling deal from an SSA issuer since a shock UK general election result in early June, with what one SSA syndicate head away from the trade called a “phenomenal” result. The deal came as speculation mounted that the Bank of England could next month raise its base rate for the first time in more than a decade.

Leads Barclays, Deutsche Bank and HSBC on Tuesday priced a £1bn June 2022 for Dexia at 70bp over the 4% March 2022 Gilt, at the tight end of guidance of 72bp area and initial price thoughts of low 70s. The final book was over £1.15bn, ...

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