AG Insurance opens after encouraging Nationwide trade
Belgian firm AG Insurance opened books on a perpetual trade on Wednesday, having completed a roadshow in Asia and Europe while taking tender instructions for a buyback of old subordinated debt. Meanwhile, bankers hope the success of Nationwide Building Society’s 10 sub trade on Tuesday will encourage other lenders to push ahead with issuance.
Lead managers BNP Paribas, HSBC, JP Morgan and UBS opened books on Wednesday with initial pricing thoughts of low 7% area on a yield basis for AG Insurances Reg S deal.
Market participants away from the trade said they thought the pricing was fair, adding that it would
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