Germany took its bankers’ advice last month and moved sooner rather than later to launch its first foreign currency bond since World War II. Deutsche Bank, Goldman Sachs and Morgan Stanley were lead managers. Books on the $5 billion, five-year deal opened in Asia on the morning of Monday May 23. After 36 hours, the deal had attracted a book of around $14 billion. It priced with a re-offer spread of US Treasuries plus 12 basis points, and at dollar Libor minus 31.5bp
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