Currencies
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The undrawn facility can be converted across euros and dollars to ensure flexibility -
Car maker opts for size over spread
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Short dated tenor gives French lender better arbitrage than a euro deal
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New issue premiums for euro deals have dropped on news that US inflation rates have improved
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Kommuninvest will follow them into dollar bond market on Wednesday
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Deal will cut Liberty Media-owned car racing group’s debt by $500m
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ASR, ABN and Caixa find investors are eager for high yielding subordinated FIG bonds
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Some onlooking bankers had expected a larger trade
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The £1.25bn bond also offered a rare chance to buy long dated senior bank paper in the currency
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Curve inversion makes fives problematic for issuers outside Europe
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The smaller Italian issuer was able to harness solid demand to net a 'good' 30bp price move
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The deal was priced flat to Barclays’ recent new issue but was double the size
