General Electric Capital Corp brought a €1 billion 15-year floating rate note via Lehman Brothers and BSCH last month. This unusual transaction is the first broadly distributed euro senior corporate floating rate note with a long-dated tenor and is consistent with the continued theme of strong demand for FRNs in a rising rate environment, particularly from non-traditional FRN investors.
Floaters
“I do not think that too many corporates can access the 15-year euro FRN market, which I believe is open mainly to the higher end of the credit spectrum,” says Lorenzo Frontini, head of European syndicate at Lehman Brothers.
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