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

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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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