Amount: $500m (fungible with $500m issue launched 13 January 2004
Maturity: 21 May 2024
Issue price: 103.75
Spread at launch: 323bp over the 4.25% August 2015 UST
Launch date: Thursday 15 September
Payment date: 21 September
Joint books: Goldman Sachs, Merrill Lynch
Note: the borrower is buying back $497.4m and Eu165.5m of bonds maturing between 2006 and 2033
"...it went well. As one would expect."
"...people were confused. They go out and tender for existing bonds and buy back some 2033s and then they go out and tap the 2024s.
It would make sense if they bought back just shorter-dated bonds, but by buying back the 2033s people were saying 'why?'"