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Rating: A3/A-/A
Amount: Eu700m
Maturity: 31 October 2008
Issue/re-offer price: 99.927
Coupon: three month over Euribor plus 17.5bp
Launch date: Monday 17 October
Payment date: 31 October
Joint books: Deutsche Bank, Merrill Lynch, SG CIB
Bookrunners' comments:
Deutsche -- The issuer was downgraded by the ratings agencies a little while ago after the pension funds that owned them sold the bank to a private equity group. But the ratings are now stable and we were able to get away a good deal.
We roadshowed all over and met upwards of 50 investors.
After those meetings we set the price guidance at between 18bp and 20bp over Euribor and we had a good response, but there was a lot of price sensitivity in the market and the rational choice was to price at the wider end.
With this guidance we managed to attract a book of Eu800m and we reviewed the desire to raise Eu500m. In the end we printed a benchmark Eu700m transaction that went well.
Merrill Lynch -- In terms of a Europe-based bank that has gone through significant ownership changes and a resulting three notch rating downgrade, NIB is a unique story. The institution wanted to clarify its...