Investec gets sterling lower tier two away, while Sabadell and BBK complete LM
Investec priced the first sterling tier two deal since April 2010 on February 11, a £500m bullet 11 year issue via Barclays Capital, Investec and Lloyds CM. However, while the leads on the trade were pleased with the outcome, they said the issue did not herald a full re-opening of the subordinated market.
This is mainly because most of the deal was done as part of a liability management whereby Investec was seeking to exchange outstanding upper tier two and lower tier two securities into the new bullet issue.
"While the deal was successful, the read through to other issuers is
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