Daimler and SP Transmission hit sterling market
Germany’s Daimler and the UK’s SP Transmission hit the sterling market this week, bringing deals that had to ride waves caused by European Central Bank bond buying and political upheaval in the UK.
Daimler, rated A2/A/A-, hit screens on Monday with a five year deal at Gilts plus 135bp-140bp. Books reached about £650m and the spread was brought down to plus 125bp.Leads spotted fair value at 115bp, giving the £350m deal a 10bp new issue premium. This is roughly in ...
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