Maturity: March 24, 2014
Issue/re-offer price: 99.813
Coupon: three month Euribor plus 20bp
Spread at full fees: Euribor plus 23bp
Launched: Wednesday March 10
Sole mgr: DZ Bank
BFCM has a good name and pricing on this deal was attractive. The issuer is well known within the cooperative system and it was easy to sell the bonds.
Initial price talk was Euribor plus 22bp and we sold the bonds at that level.
We had a main lead out of Germany but the rest of the paper was sold in Germany within the cooperative network.