After rough ’18, small banks pick single bookrunners

By Tyler Davies
04 Apr 2019

Smaller financial institution issuers have been welcomed back to the European bond market in recent weeks, after their hopes of raising deeply subordinated capital were dashed by turbulent market conditions in late 2018. But they are not taking chances this time, seeking comfort in using the support of just one investment bank rather than a group of bookrunners.

Investors were already familiar with Volksbank Wien before it arrived in the euro market on Tuesday to raise €220m of perpetual non-call five year additional tier one capital at a coupon of 7.75%.

The Austrian bank had tried ...

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