“Everyone had a look,” said a source familiar with the transaction, referring to every PP investor. But he said that in the end, those that bought the notes were North American investors. “European institutions I think were invited but my gut is it was priced too tight for them.”
There was a delayed drawdown till next year, said another market source. "It was a very easy sell for the market I think, but you've got to think, this would have been the perfect candidate for Euro PPs."
The investor added that another example of a European borrower opting for US PPs over Euro PPs is French pharmaceutical firm Ipsen, which is roadshowing a seven to 12 year US PP next week via Bank of America and Crédit Agricole.