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Guarantor: BHP Billiton Ltd
Rating: A1/A+
Amount: Eu650m
Maturity: 5 May 2011
Issue/re-offer price: 99.787
Coupon: 4.125%
Spread at re-offer: 19bp over mid-swaps, 36.1bp over the 3.5% April 2011 Bobl
Launch date: Thursday 27 April
Payment date: 5 May
Joint books: Barclays Capital, BNP Paribas, Deutsche Bank
Bookrunners' comments:
Barclays -- A smooth deal. There were no surprises on this trade, it all worked nicely. It is a solid business with a market capitalisation of $130bn.
The market has performed well in the last couple of weeks. Spreads are very tight, but unlike in the past, accounts are increasingly prepared to buy at these levels -- it is fair to say that there is generally a more...