SMBC gets big US bid for $2bn dual-trancher

15 Jul 2010

US investors jumped on a $2bn issue from Sumitomo Mitsui Banking Corp this week, driving price discussions for a deal that quickly tightened to within a whisker of outstanding bonds from the higher-rated Rabobank.

Barclays Capital, Citi and Goldman Sachs arranged the Aa2/A+ rated deal, and built a huge order book between three and five year tranches which priced at Treasury spreads of 118bp and 137.5bp, respectively.

US investors drove the issue after the bookrunners approached them with price whispers on Tuesday. The ...

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