Royal Mail's €500m debut tightens sharply in secondary market

Royal Mail for new website
By Richard Metcalf
24 Jul 2014

Royal Mail Group's debut €500m 10 year bond tightened as much as 15bp on Thursday after being priced on Wednesday at 108bp over mid-swaps. That was well inside initial price thoughts of 120bp-125bp.

On its first day in the market, the senior unsecured bond tightened to as low as 93bp over, leading some bankers to question the execution of the deal.

"After a full roadshow I would have expected them to have got a lot of feedback, ...

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