The new deal, completed less than a fortnight after its original was withdrawn following ThailandÆs coup, is a $220 million perpetual priced at par with a coupon of 7.378%, equating to a spread of 280bp over 10-year US Treasuries.
Merrill had gone out with a guidance of 280bp to 285bp over US Treasuries, which was 15bp to 20bp wider than that of the original $200 million deal. The wider spread was generally seen as an add-on for investors for the inconveniences incurred in the...
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