Issue price: 100.0
Launch date: Thursday 10 November
Sole mgr: Citigroup
The issuer is a Greek glass manufacturer with extensive operations in eastern Europe. The deal was a great success and after originally coming to the market with a planned Eu130m we were able to increase the transaction to Eu140m — this was after the book was three times oversubscribed.
We initially went out with guidance of 8.75% to 9%, and eventually priced at the wider end after deciding that this was the most sensible level following meetings with investors.
The transaction was good for the market as there has been a dearth of issuance lately.
"...the yield of 9% was at the wider end, but they managed to increase the size of the trade. There has been no supply recently and so any deal is welcome, but this does seem to have come at quite generous levels."