Tesco Personal Finance ratcheted in the pricing on its debut senior unsecured bond on Thursday, starting with a high new issue concession but bringing it in by 35bp amid hefty investor demand.
The bank raised £250m of senior unsecured debt, with a six year maturity, callable after five years, at 305bp over Gilts. Books reached £1.65bn.
Bookrunners Barclays and Lloyds Bank started out with price thoughts of 340bp area over Gilts.
With books above £1.3bn less than three