Investors storm tier one, last bastion of value in credit rally
Nordea Bank and National Australia Bank (NAB) priced the tightest hybrid tier one bonds for over a year this week, smashing through recent coupon levels even as other sectors of the bond market paused for breath.
The lowest coupons achieved in the last year by issuers on hybrids until this week had been above 9% but Nordea and NAB were both able to break through this level, setting their deals at 8.375% and 8% respectively.
"The technicals of this market segment are incredibly strong," said
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