Maturity: 20 November 2009
Issue price: 99.972
Coupon: three month Libor plus 2bp
Spread at re-offer: three month Libor plus 3bp
Launch date: Thursday 9 November
Payment date: 20 November
Joint books: ABN Amro, Barclays Capital
This was oversubscribed, allowing us to price at the tight end of the 3bp to 4bp guidance. The same issuer launched a two year Eu600m trade in June, which trades at 1.5bp on the bid side, and investors have plenty of lines for the credit — 1.5bp is a reasonable premium for the new issue and the extra duration.
Distribution was broad and, as is often the case with sterling deals, UK accounts dominated. But there was also good distribution into Europe and some Asian participation. Financial institutions took the most paper.