Rare Espírito Santo holdco LT2 finds buyers
Espírito Santo Financial Group launched a rare holding company level lower tier two issue this week and the Eu400m bullet 10 year deal attracted investors looking for spread and to add to their lower tier two positions.
Only a handful of financial groups, such as HSBC and ING, have issued out of holding companies in Europe. However, the rationale for the deal, led by BES Investment and JPMorgan, was simple, said a syndicate official at one of the leads.
"The issuer wants to maintain its capital
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