Eli lilly successfully tested the depth of investor appetite for longer-dated reverse Yankee deals on Tuesday, despite the longer part of the euro curve being thrashed by rates volatility. Eli was the first company to issue a 15-year tranche since Illinois Tool Works the week before, which capitulated in the aftermarket after pricing. "The market opened up a bit softer today," one syndicate banker said earlier on Tuesday morning. "It's not enough to put anyone off, but after McDonald's pulled its 20-year deal it feels dangerous for anything longer than 12 years right now."
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