Scotia steers ‘trickier’ sterling trade into tight level

By Tyler Davies
01 Jun 2017

Bank of Nova Scotia picked up £250m of senior funding at an attractive spread versus its euro levels on Thursday, but demand for the notes may have been stunted after Moody’s slashed the ratings on several Canadian banks in mid-May, including Scotia.

Bookrunners Credit Suisse, Nomura, Scotiabank and UBS went out with initial price thoughts of Gilts plus 95bp-100bp for Bank of Nova Scotia’s new five year senior deal.

Around mid-morning the leads set a final spread of 95bp, at the lower end of the initial ...

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