Santander finds AT1 demand as political uncertainty mounts
Santander opened order books for a perpetual non-call five year additional tier one (PNC5 AT1) on Tuesday and found ready demand, despite mounting anti-EU sentiment in French opinion polls and an early election being called in the UK.
By late morning Santander had attracted orders of more than €1bn for its PNC5 ATI with initial price thoughts and guidance set at 6.75%. At 1.30pm a €750m deal was announced at 6.75%.
At that level the bonds offered a new issue concession of approximately 30bp to fair value
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: email@example.com or find out more online here.