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Guarantor: Santander UK plc
Rating: A2/A/A
Amount: [Euro] 1bn
Maturity: 15 January 2018
Issue/re-offer price: 99.432
Coupon: 1.75%
Spread at re-offer: 97bp over mid-swaps
Launched: Monday 7 January
Payment date: 15 January
Joint books: Barclays, Deutsche Bank, Santander, Societe Generale
Bookrunners' comment:
We went out quite early, at 8am, with initial price thoughts of 105bp over mid-swaps. We let the book build. We waited until we had traction and then shortly before 10am we opened books. By then, the indications of interest were already over [Euro] 1.5bn. At this stage we announced price guidance of 100bp over area. We didn't mention the size at that point. We knew the maximum size would be [Euro] 1bn, but there was a question of how to play it -- do you go for [Euro] 1bn, or a smaller size and then really tighten aggressively?
We gave another update at 10.30am to say...