Retail investors turn out in droves for capital-hungry banks

Pricing is imminent on Sumitomo Mitsui Financial Group’s hybrid tier one perpetual non-call five year Asian retail-targeted deal, which is expected to come in at a large $1.5bn size. Market participants expect pricing at the tight end of the 8.75%-9% guidance, with a heavily oversubscribed order book. Retail demand, this time in Europe, has also been strong for Deutsche Bank, Eureko and KBC Ifima, which are all expected to price tier one issues this week.