Macquarie Bank sterling issue sees strong demand

The unusual two-and-a-half year ú250 million senior FRN is welcomed by bank treasury accounts.

On Tuesday, sole manager HSBC needed less than a day to build a book that easily covered Macquarie Bank's latest issue, a two-and-a-half year ú250 million senior floating rate note FRN sold at a spread of 8 basis points over three-month sterling Libor.

The bond was issued at a price of 99.988 and a coupon of 7.5bp over three-month Libor. The A2 posA stableA stable rated issue expires on August 19, 2009, while settlement is on February 13,...

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