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EU-bond 3/20-year syndication: Priced

EUROZONE ISSUANCE

New long 3-year 2.875% EU-bond

  • Reoffer: 99.754 to yield 2.951%
  • Spread set at MS-6bps (guidance was MS-4 bps area)
  • Final books in excess of E43bln (inc E6bln JLM interest)
  • Tranche Size: E4bln WNG (MNI had expected E5bln)
  • Coupon: 2.875% Ann, ACT/ACT, Short first coupon
  • Hedge ratio: 105% 1.30% 1.3% Oct-27 Bobl (ref 95.68 / 2.616% / +33.5bps)
  • Maturity: 6 December 2027
  • ISIN: EU000A3K4EW6
  • Timing: Priced. TOE 13:02BST / 14:02CET. FTT immediately

20-year 4.00% Apr-44 tap

  • Reoffer: 108.323 to yield 3.417%
  • Spread set at MS+66bps (guidance was MS+69 bps area)
  • Final books in excess of E71bln (inc E6bln JLM interest)
  • Tranche Size: E4bln WNG (MNI had expected E3bln)
  • Hedge ratio: 99% vs 2.50% Jul-44 Bund (ref: 97.09 / 2.688% / +72.9bp)
  • ISIN: EU000A3K4EL9
  • Timing: Priced. TOE 13:00BST / 14:00CET. FTT immediately

For both:

  • Settlement: 30 April 2024 (T+5)
  • JLMs: BNP Paribas/BofA Securities(DM/B&D)/Citi/LBBW/Natixis
From market source
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