The leads kicked off roadshows last Wednesday with an initial guidance in the 8.88% area but, as demand grew following roadshows in Singapore, Hong Kong and London last week, the level was revised to 8.38%.
Final pricing on the BBB- Fitch rated perpetual non-call 10 year offering came at par with a coupon of 8.375%, equivalent to a spread of 360.2bp over 10-year US Treasuries. The notes step up to 487.8 over three-month Libor if...
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