An increased ten non-call five offering was priced in London yesterday at the tight end of its indicative range to raise $380 million. Pricing of the Baa2BBB- rated deal came at 99.888% on a coupon of 6.125% to yield 6.149% or 173bp over five-year Treasuries.
The challenge for lead managers JPMorgan and Deutsche Bank was how to re-position the credit as close as possible to the quasi-sovereign related curve when there was an outstanding bank capital deal for a higher rated Hong Kong credit trading significantly wider. Observers believe that final terms placed the deal as close to the Malaysian curve as demand allowed, although most believe that there is also potential...
