2.75% Dec-32 EU-bond
- Spread set at MS + 34bps (guidance was MS + 36bps area)
- Size: E5bln - in line with initial guidance (MNI expected E4-5bln)
- Final books in excess of E96bln (inc E7bln JLM interest)
- HR 105% vs 1.70% Aug-32 Bund
New 15-year Dec-2040
- Spread set at MS + 75bps (guidance wasMS + 77bps area
- Size: E6bln - up from initial E5bln guidance (MNI expects E5-6bln)
- Final books in excess of E79bln (inc E6.75bln JLM interest)
- HR 98% vs 2.60% May-41 Bund
- ISIN: EU000A4EJF17
- Coupon: Long first
- Maturity: 12 December 2040
For both:
- JLMs: BNP Paribas, Citi, Deutsche Bank, DZ BANK and Santander
- Settlement: 14 October 2025 (T+5)
- Timing: Hedge ratio 13:20BST / 14:20CET
From market source / MNI colour