UBS reopens senior euro market with chunky book

By Nathan Collins
28 Aug 2014

UBS sold the first euro denominated senior unsecured new issue from a bank since July on Wednesday afternoon, a dual tranche print. The issuer drew in a bumper order book with what bankers away from the deal described as generous new issue premiums before tightening the spreads in to price in line with fair value.

Sole lead UBS priced a two year floating rate tranche at 25bp over quarterly Euribor, at the tight end of guidance of 25bp-27bp over Euribor.

UBS also priced a seven year note at 55bp over mid-swaps, also at the tight end of guidance of 55bp-58bp.

The lead manager ...

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