TBC Bank defies volatility to make AT1 debut

Georgia flag 230 x 150
By Lewis McLellan
27 Jun 2019

TBC Bank, Georgia’s largest, sold its first ever additional tier one (AT1) bond on Wednesday, completing a successful transaction in spite of political demonstrations taking place in the capital, Tblisi, this week.

The borrower selected JP Morgan, Renaissance Capital and UBS to run the transaction. TBC Capital shared the ticket as a joint lead manager.

The bond — a perpetual non-call five year Reg S/144A deal — was priced to yield 10.75%, roughly in line with initial ...

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