Luzerner goes larger, longer and lower in AT1

By GlobalCapital
25 Apr 2019

More evidence of the strength of demand from Swiss retail investors for attractive coupons was provided last week when Luzerner Kantonalbank (LuKB) priced an additional tier one (AT1) transaction shortly before the Easter break. Led by LuKB and ZKB (sole structurer), and priced at a coupon of 1.8%, this non-call 6.5 year deal raised Sfr250m.

Daniel Zubler, head of capital markets syndication at ZKB, said this made LuKB’s issue comfortably the largest AT1 transaction in Swiss francs for an issuer not categorised as a global or domestic systematically important bank (SIB). Switzerland’s three D-SIBs are Raiffeisen, ZKB and PostFinance.

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