Bankia rides blowout books for 40bp T2 pricing revision

By Tyler Davies
02 Mar 2017

Spain’s Bankia surprised the FIG market with an extraordinary tier two bond on Thursday, having used the momentum from a whopping €5.25bn order book and a massive rally in its secondary trading levels to price very tightly.

Bankia mandated its own investment bank, Credit SuisseGoldman SachsJP Morgan and Morgan Stanley for a €500m 10 year non-call five tier two on Wednesday, and took indications of interest for the deal throughout the afternoon.

When the order books were opened on Thursday morning, the lead managers already ...

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