The 10-year deal was launched on Tuesday morning UK time and, according to sources, was six times covered within the first few hours. Joint lead arrangers, JPMorgan, BNP Paribas, Deutsche Bank and Barclays Capital, closed the order book after five hours but had to wait overnight before pricing the deal.
ôThere was a lot of momentum in the early part of the day and at that time the markets were holding up well, but just after the book was closed, some volatility crept back into the market,ö says a source...
¬ Haymarket Media Limited. All rights reserved.
