Amount: $500m global bond
Maturity: 15 December 2020
Issue price: 99.91
Spread at launch: 119bp over the 4.5% November 2015 UST
Launch date: Tuesday 6 December
Payment date: 12 December
Joint books: Bank of America, Barclays Capital, Deutsche Bank
Deutsche — This was a great trade, it was significantly over-subscribed and had a good price. It has traded well, and we last saw it trade at 119bp.
Barclays — We had a lot of insurance money and asset managers in the trade. It was a high quality book. The fact it was SEC registered appealed to a number of domestic buyers, and it was close to two times over-subscribed.
The fact that it performed well in the secondary market is also a good sign, because we have a number of transactions this week that did not perform well, but this one tightened on the break.
Aegon has an outstanding 2013 which we used to extrapolate a curve from there. We were able to build pricing tension and price the transaction with a minimal new issue concession of around 3bp-5bp.