PNC success boosts US hybrid capital revival
The recovery of the US hybrid capital market gained strength this week as PNC Financial Services Group issued a $375m perpetual non-call five year bond that was hailed by bankers in New York as a landmark deal in what has been a moribund sector for at least six months.
Last week Wachovia raised $3.5bn of perpetual non-call 10 year paper and Lehman Brothers $1.65bn of perp call five. But bankers were particularly cheered by PNCs deal because it is a Reit preferred offering, which has been the least popular of all hybrid structures lately.
They also praised the
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