FIG market goes ‘loco’ as NIBC scores impressive MREL debut

By Tyler Davies
02 Apr 2019

Blowout books helped NIBC Bank crank in the pricing by 50bp for its first ever non-preferred senior transaction on Tuesday, with the Dutch lender eyeing a ratings upgrade as a result of its work to build out a stack of debt for the minimum requirement for own funds and eligible liabilities (MREL).

Credit Suisse, ING, JP Morgan, Morgan Stanley and NIBC were running the issuer’s five year non-preferred senior deal, which is expected to reach a size of €300m.

This syndicate group began the pricing in the 250bp area over mid-swaps on Tuesday, giving investors ...

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