Rare FIG issues take to euros in MTNs
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.“Their ...