Sydbank, Vicenza double up with exchanges
Danish issuer Sydbank hit the market with a €500m two year print on Thursday, offering holders of its September 2012 bonds the chance to switch into the new bond alongside fresh investors. The exercise echoed an exchange offer from Italy’s Banca Popolare di Vicenza, which allowed new investors into the mix after existing holders had tendered their bonds.
Lead managers BNP Paribas, Commerzbank and Danske Bank received a modest 600m of orders from Sydbanks bond, with strong support from Nordic investors. About two-thirds of the deal went to banks, with the other third split between funds, corporates and insurers, said a banker involved in the deal.
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