By Paul A. Harris
Portland, Ore., Feb. 28 – Energa SA priced a €300 million issue of 2 1/8% 10-year fixed-rate notes at 98.892 to yield 2¼% on Tuesday, according to a market source.
The yield printed at the tight end of the 2¼% to 2.3% final yield talk, the source said, adding that the deal kicked off at 2½% early Tuesday and then tightened to 2.4% prior to the circulation of the official talk.
The deal played to €1.3 billion of orders, the source said.
The tightening of yield talk was a function of strong market technicals, which find too much cash pursuing too little supply.
However demand for the deal was circumscribed considerably by the fact that it's 10-year paper coming into a market that is demonstrating a pronounced appetite for shorter maturities.
BNP Paribas and JP Morgan were the stabilization managers.
Energa is an energy company based in Gdansk, Poland.
| Issuer: | Energa SA
|
| Amount: | €300 million
|
| Maturity: | 10 years
|
| Securities: | Fixed-rate notes
|
| Managers: | BNP Paribas, JPMorgan
|
| Coupon: | 2 1/8%
|
| Price: | 98.892
|
| Yield: | 2¼%
|
| Trade date: | Feb. 28
|
| Price talk: | 2¼% to 2.3%
|
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