Volkswagen bank priced its third floating-rate note of 2014 on Wednesday, achieving a spread of three-month Euribor plus 43bp - but the dea size remained at €300m, prompting questions from market observers about the level of demand. The issuer has been a frequent visitor to the markets in 2014, selling deals across multiple formats and currencies. The bookrunners for Wednesday's issue were Bank of America Merrill Lynch and BNP Paribas. It has transacted €10bn worth of notes this year alone, including €1.5bn of floaters in the past month.
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