No NIP for Wells Fargo's first euro deal since 2017

By David Freitas
17 Apr 2019

Wells Fargo attracted plenty of interest in a new five year senior bond in euros on Wednesday and was able to squeeze all of the new issue premium out of the transaction, its first in euros for two years.

Bookrunners Banca IMICrédit AgricoleHSBCNatixis and Wells Fargo Securities went out with initial price thoughts in the 65bp-70bp area over mid-swaps.

But they were able to set the final spread on the five year senior unsecured bond much tighter, at 48bp over mid-swaps, after receiving about €2.6bn of orders ...

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