Jyske lands rare callable SNP in busy market

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By David Freitas
13 Jun 2019

Commerzbank, Jyske Bank, OP Corporate Bank and UBI Banca all issued €500m senior non-preferred bonds this week. But Jyske stood out for having inserted a call option into its transaction — an efficient move but a rare occurrence in the asset class.

Danish lender Jyske Bank started the sale of a senior non-preferred instrument on Thursday, having chosen BNP Paribas, Goldman Sachs, JP Morgan and Nordea as bookrunners.

These banks put out initial price thoughts of 110bp over mid swaps, setting guidance at 95bp-100bp over mid-swaps when ...

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