Paccar's €300m bond nearly three times subscribed

Paccar DAF truck from co media gallery 575x360
By Mike Turner
26 Feb 2020

Paccar Financial, the leasing arm of Paccar, the US maker of DAF, Kenworth and Peterbilt trucks, braved the European market on Wednesday to print a sub-benchmark sized bond, as syndicate officials said the market could move wider.

ING, MUFG and Rabobank opened books for a €300m three year deal for the A1/A+ rated issuer at 45bp to 50bp over mid-swaps. With a book of over €850m, guidance was set at 30bp to 35bp. The deal was priced at 27bp.

The euro corporate primary market has trailed ...

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