Ico gets big reception as ESM posts RFP

By Burhan Khadbai
06 May 2020

Instituto de Crédito Oficial (Ico) was almost seven times covered for its four year Covid-19 social bond on Wednesday, as investors continue to support deals to tackle the pandemic. The European Stability Mechanism could follow with a similar maturity next week, after it sent banks a request for proposals (RFP).

After HSBC and Société Générale were mandated to organise investor calls on Tuesday, BNP Paribas and Santander joined as bookrunners on Wednesday with initial price thoughts set at 19bp area over the April 2024 Bono for Ico’s €500m no-grow deal.

With indications of interest of more ...

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