Bankia rides blowout books for 40bp T2 pricing revision
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 Suisse, Goldman Sachs, JP 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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