Ford and Deutsche Bahn steer fixed investors to FRNs

Ford Steering Wheel
By Nigel Owen
30 Nov 2017

Ford Motor Credit Co, the financial services arm of the US motor company, and Deutsche Bahn raised a combined €1.5bn from floating rate notes this week, attracting demand from the traditional fixed rate buyer base with four and seven year maturities.

Ford announced a dual tranche corporate bond deal on Monday comprising two floating rate notes. On Tuesday, German state-owned railway company Deutsche Bahn followed with another floater.

“Investors are getting more and more comfortable with FRNs,” said a syndicate manager on the Ford deal. “At the end of the ...

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