The deal, managed by Citi, Deutsche Bank and HSBC, priced at par with a 6.875% coupon, equivalent to 200bp over US Treasuries, and 144.25bp over mid-swaps. Initial guidance was set at around 7%, and revised to 6.875%-7% on Thursday morning. The deal generated a $3.6 billion order book and was upsized from $500 million to $750 million, but was trading below par at a bid-offer of 99-99.125 early Friday afternoon.
Some investors say the poor performance is the result an unfortunate confluence of events, and argue that the transaction was otherwise well-executed. They say the bonds were driven south...
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