Westpac exploits untapped seven year curve

18 May 2011

After a busy Wednesday, two banks tapped the senior unsecured market on Thursday. Westpac closed a Eu1bn seven year bond and Italy’s Credito Valtellinese sold a 2.5 year deal.

Bankers were full of praise for yesterday’s transactions but many were still scratching their heads as to why KBC Ifima’s 4.5 year note had struggled to find demand.

Lead managers BNP Paribas, Deutsche Bank and UBS closed books just before lunchtime on Westpac’s seven year benchmark, fixing the size at Eu1bn. EuroWeek ...

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