Ford and Deutsche Bahn steer fixed investors to FRNs
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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