What many predicted would be an exceptionally difficult transaction to execute has, in the end, proven to be relatively straightforward. With joint leads Credit Suisse First Boston and HSBC able to keep secondary spreads relatively stable, the $300 million re-opening has not only been completed a couple of basis points inside where the two bought it last Friday, but has also satisfied KDB's strategic objectives.
The distribution pattern for the 5.25% November 2006 issue shows that KDB has made the jump to a new investment pool following its recent two notch upgrade to A3 by Standard Poor's. Where the original $500 million issue was supported by investors chasing upside potential from its 182bp launch...
