The Reg S transaction priced at 99.547% on a coupon of 5.625% to yield 5.685%. This equivalent to 100bp over comparable US treasuries or around 47bp over Libor. The notes were issued under the conglomerate's $1.5 billion Medium Term Note Programme.
The order book closed with 66 accounts for a total book size of $600 million, an oversubscription ratio of about 1.7 times. In terms of geographical distribution, Asian accounts bought 65%, while European accounts bought the other 35%. By account type, banks bought the...
