Not let up in demand as SG book grows over $5.5bn
Lead managers HSBC, JPMorgan and UBS this morning closed the books with orders of over $5.5bn for the Société Générale perpetual non call five year hybrid tier one issue, laying to rest concerns that appetite for retail hybrid tier one paper was subsiding.
It will price at 8.75%, the tight end of the refined 8.75% to 9% guidance. This is in line with where a Crédit Agricole issue with a similar non step structure was trading yesterday.
The deal size has not yet been finalised but the size of the book
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