Scandi names show senior preferred still in favour
Nordea’s order book was more than twice oversubscribed for a €2bn deal across two tranches on Tuesday, while Swedbank also found demand for a sterling deal. The deals suggest that, despite tight spreads, investors are not deterred from senior preferred from the right names.
Nordea set a final spread for its €1bn of 10 year notes at 28bp over mid-swaps. This was tightened from 28bp-32bp in guidance and the 40bp area in initial price thoughts.
“It started sensibly and it’s caught the imagination,” said one banker away from the deal.
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