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Emerging Markets

SFEF targets three currencies with amazing results

SFEF has taken a three pronged approach for its latest fund raising, hitting the euro, sterling and dollar markets simultaneously to raise Eu3bn, £750m and $3bn of three year floating rate notes. SFEF’s first visit to the sterling market was massively oversubscribed with a book of almost £4bn and despite halving the guidance from plus 10bp to plus 5bp, none of the orders have fallen away. Guidance on the euro was also shaved from plus 10bp area to plus 5bp on the back of an Eu8bn book and the dollar pricing is also expected to be revised from the current plus 20bp-25bp. Read EuroWeek on Friday for full coverage of SSA the outlook for potential issuance.

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