BBVA leads the bonds issue of Renault Group Finance UnitMay 28, 2013
BBVA has led the new 3-year bond issue of €500 mln of RCI Banque, the Renault Group's finance unit.
This is the second issue it has launched this year - the first was in March - and, once again, it was a complete success.
Demand quadrupled the number of bonds offered, thus allowing the price to be revised downward from 140 spread basis points over the midswap to 130 basis points at which the issue ultimately closed.
Nearly 175 accounts participated in the issue, with geographic diversification that was highly valued by the market. Demand was led by Germany, with 32%, followed by France with 27%. Markets also highly valued the quality of the participating accounts, of which 76% were fund managers and 20% were banks.
With this new issue, BBVA Corporate & Investment Banking underscores its support for its customers all over the world and its outstanding capacity for performing in capital markets.