An infrequent FIG issuer returned to the medium term note (MTN) market this week to place the second of a pair of identical floating rate notes (FRN) this month. While on Wednesday, another bank brought back a structure that has rarely been seen since the financial crisis, according to one banker.
Close Brothers Finance printed a €20m July 2021 FRN on Monday. The note pays a coupon of three month Euribor plus 45bp. NatWest Markets ran the deal. The issue price was undisclosed.
The bank also placed an identical trade through NatWest Markets on July 5.