MUFG recently supported UK-based public transport operator, National Express Group PLC, on its 4x oversubscribed debut EUR250mm 2.5-year Floating Rate Note issue.
MUFG acted as Active Bookrunner on the deal, which went to market on 9 November.
At EUR3m+40bps, National Express was able to price flat to its outstanding GBP 2020 note on an equivalent basis. The deal was supported by a final book of just over EUR1bn with pricing set at the lower end of the guidance range. The investor base came from a range of geographies and was heavily composed of real money orders, including several EUR40m orders from some of the larger asset managers.
National Express will use the proceeds of the issue for general corporate purposes, including refinancing existing bank facilities.
Holly Villiers, Managing Director, Corporate Banking at MUFG, said:
"National Express's debut in the EUR bond market came on an active week in the EUR corporate primary markets, but the strength of the name ensured it commanded very strong investor demand. The heavily over-subscribed transaction was executed on excellent terms and successfully broadened out National Express's investor base.
Our appointment as Active Bookrunner on this transaction is a clear illustration of the deep trust leading corporates such as National Express place on our ability to support their strategic fundraising. As we continue to expand our corporate and investment banking capabilities, we look forward to supporting National Express in its future endeavours."
David Daniels, Group Treasurer at National Express Group, added:
"The MUFG team have once more provided first class support and advice in the smooth and efficient execution of a refinancing. Many thanks for being a trusted partner on the successful issuance of our inaugural Eurobond."