Rating: Aa2/A+/AA-
Amount: $2.5bn global
Maturity: 26 January 2015
Issue/re-offer price: 99.672
Coupon: 3.125%
Spread at re-offer: mid-swaps plus 45bp; 74.75bp over the 2.625% December 2014 UST
Launch date: Tuesday 19 January
Payment date: 26 January
Joint books: Barclays Capital, Citi, Credit Suisse
Borrower’s comment:
I am particularly happy with the transaction because we had been waiting for a long time to find the right conditions to tap the five year maturity. We have had good opportunities in three years and in 10 years but since 2004 five years has not been a cost effective tenor for us.
I believe the transaction has been very successful because of the number of orders and the size of the deal. We had 95 investors participating and we were able to issue $2.5bn compared with our target size of $2bn. The quality and...