Rating: Aaa
Amount: Sfr250m
Maturity: 21 November 2012
Issue price: 100.14
Coupon: 1.75%
Launch date: Tuesday 11 October
Payment date: 21 November
Lead mgr: UBS
Bookrunner's comment:
About 75% has sold to portfolio managers and insurance funds. The rest remains unsold, but we are sure it will go well. It was priced at mid-swaps minus 14bp.
Market appraisal:
"...this is a well liked issuer but they do bring a lot of deals and there is an argument that there is too much paper in the market. It is priced aggressively and it is unusual in that there is a six week payment date, you can usually expect to wait five weeks before settlement.
We took some paper, to maintain relationships, but we have not seen very much demand."
"...it is too aggressively priced. All the investors we have spoken to have not bought it, so I can imagine there is paper left over."
