Deals of the month - British American Tobacco

British American Tobacco has returned to the euro market with a joint euro and sterling transaction, against a backdrop of volatile market conditions. The deal consists of a EUR1.25 million seven-year euro tranch coupled with a £500 million 16-year sterling issue. The euro books were jointly run by Barclays Capital, Royal Bank of Scotland and Societe Generale, while the sterling deal was led by Barclays, Lloyds and SocGen. The euro transaction was priced at mid-swaps plus 180 basis points, tight

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