Nordea demand opens door to tier two renaissance
More dated sub debt deals are on their way, said bankers, after the success of Nordea’s lower tier two issue this week. Some 350 accounts placed more than €4bn of orders for the Swedish bank’s lower tier two bond issue, the first in euros since May 2011.
While the whopping demand was partly due to Nordeas strong standing in the context of European FIG borrowers, it was also a reflection of the scarce tier two supply over the past year. Raiffeisen Bank International was the last bank to sell a tier two bond in euros,
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