CLEARING HOUSE FOR SWAPS
It was the Kingdom of Norway’s first Eurobond issue since early in 1980: $500 million of fixed-rate bonds that were eventually brought to the market on July 14 this year via the lead management of Merrill Lynch Capital Markets. Competition for an underwriting slot was always going to be fierce–the prospect of establishing a firm relationship with a new sovereign borrower seemed most attractive.
Norwegian shrewdness, however, created a different story. The kingdom wanted a swap into floating-rate funds with a three-month, walk-away option.
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