St Galler and Raiffeisen in final rush to issue Swissie old-style LT2
Raiffeisen Switzerland was soft sounding a 10 year old-style lower tier two note on Monday morning. Meanwhile, St Galler Kantonalbank raised lower tier two capital via a Sfr100m 2% 2019 bullet on Friday last week. Swiss banks are rushing to issue old-style lower tier two notes after Swiss regulator Finma announced that the instruments will not count as eligible capital after the end of this year.
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