Rabo’s ‘senior-for-life’ SCNs score hit with investors
Rabobank gave a glimpse into the future of contingent capital when it priced a Eu1.25bn senior contingent note (SCN) on Friday. Bank of America Merrill Lynch, Credit Suisse, Morgan Stanley and UBS led the 10 year senior unsecured deal with a capital-based writedown trigger. It attracted an order book of Eu2.6bn from 180 accounts.
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