Houshold Finance Corp, the mortgage-lending unit of US consumer finance firm, Household International, launched a three-part tranche off its $10 billion debt issuance programme. The trades total euro2.75 billion ($2.47 billion). The transaction is broken down as a euro500 million note due May 3 2005, a euro1.25 billion note due May 4 2009 and a euro1 billion floating-rate note due May 3 2005. Salomon Smith Barney, UBS Warburg and WestLB are the lead managers. In another large syndicated deal, Rio Tinto Finance closed a euro750 million trade via ABN Amro, Barclays Capital and Morgan Stanley. The note pays an annual coupon of 5.125% and matures on May 10 2007. The note is priced to yield 53.5 basis points over 4% 16/2/2007 Bobl and 32 basis points over the swap rate. Elsewhere, Pacific Life Funding LLC went out seven years with a euro300 million note. The note pays an annual coupon of 5.500% and was led by CDC IXIS Capital Markets, Credit Suisse First Boston and Morgan Stanley. CDC IXIS Capital Markets also placed a euro100 million deal for Westfalische Hypothekenbank.
April 26, 2002
