SNS takes one step forward, one step back
Last Friday, SNS Bank became the first pure single-A rated bank since January to print a benchmark senior issue, with a Eu500m two year FRN priced competitively at three month Euribor plus 85bp. However, following this successful deal, on Tuesday SNS Reaal shelved plans for a perpetual non-call five year retail targeted transaction, announced last Wednesday, blaming weak market conditions. To read more on the reaction to this, read EuroWeek this week.
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