Maturity: 8 February 2012
Issue price: 99.805
Coupon: three month Euribor plus 30bp
Spread at launch: three month Euribor plus 33bp
Launch date: Wednesday January 26
Payment date: 8 February
Joint books: Lehman Brothers, BNP Paribas
Lehman ? We had Article 129 in place so we could sell bonds into Italy and we went out with the trade on Monday and Tuesday, pricing the bonds on Wednesday afternoon at 33bp over Euribor.
Banca Italease has an October 2009, which we brought in October last year trading at 27bp/28bp over, so the seven year was fairly priced.
The bonds were fully sold at pricing, which is a great outcome. There were eight countries in the book with Italy taking a third of the paper, the UK and Ireland taking 30% and Germany taking 25%.
The bonds sold mainly to banks which took about 80% of the paper with the balance going to investment managers and funds.
The bonds are re-offer bid.
?...this went extremely well for us. Italease is a rare issuer and we took a large portion of bonds as we have demand from the co-operative sector in Germany. Nearly every issue is going well and is oversubscribed, particularly financials that offer some kind of spread.?