UBS defies downbeat commentators with first euro Coco of year
UBS shrugged off the naysayers’ talk of emerging markets contagion and closed FIG markets on Thursday, launching the year’s first euro-denominated contingent capital deal and raking in almost €10bn of orders by lunchtime.
The deal is the first deeply subordinated bank capital trade to hit the market since Crédit Agricole’s $1.75bn additional tier one blowout last month, which attracted a whopping $26bn of orders.
A banker away from the transaction said it proved that the market was open despite the continued
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