Nordea hits sterling after Talanx leads in euros

07 Feb 2013

Nordea opted for sterling for its senior unsecured issue on Thursday, saving an estimated 25bp against its euro curve, as issuers confronted a mixed backdrop in the single currency market. But an impressive debut from German insurer Talanx on Wednesday showed the technical state of the market is firm, said bankers.

Talanx printed a €750m 10 year on Wednesday. On Thursday, lead managers HSBC and UBS opened books on a £250m minimum size floating rate note for Nordea at a guidance level of low 50bp area over three month Libor.

The spread was set at 50bp just after 11am ...

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