BPE opens up AT1 for lower-rated issuers with wide appeal
Hedge funds and institutional investors came out in force on Thursday for a debut additional tier one deal from Banco Popular Español, helping spur orders for the Spanish lender’s €500m no-grow trade to €1.5bn, with 200 accounts involved. The deal proved that at the right price, lower-rated lenders could access the market for deeply subordinated regulatory capital — even in a week that saw Italy’s government almost fall and the US government shut down amid wrangling over its budget.
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