New 3 year USD FRN benchmark
After increasing its inaugural FRN to the target size of USD 1 bn earlier this year, EUROFIMA has launched and priced today a new USD 500m RegS FRN benchmark at 3m USD Libor +10bp, 20bp tighter than last September's FRN benchmark.
This transaction marked a successful return to the market despite difficult conditions on the launch day. Goldman Sachs, JP Morgan and Daiwa Capital Markets were the joint-lead managers.
The outcome of the transaction shows a very high quality order book. The deal was rich in diversity and granularity and was a success due to the strong participation from central banks and official institutions (75%) and AM (25%). The presence of investors from Americas (39%), the Europe (32%), Asia (15%) and Africa/ME (14%) attests to the good geographical distribution.
Please find attached the press release.