Daimler nips into sterling as ECB sends euros racing tighter

Daimler 5 PA 230x150
By Mike Turner
04 Nov 2019

Germany’s Daimler returned to the market on Monday for a £350m five year trade, but European Central Bank bond buying means the deal did not quite look as dazzling against the car company’s euro curve as it has done in recent trades.

Daimler, rated A2/A/A-, hit screens with the five year deal at Gilts plus 135bp to 140bp. Books reached about £650m and the spread was brought down to plus 125bp.

Leads spotted fair value at 115bp, giving the deal a 10bp new issue premium. This is roughly in line with ...

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