Investors have looked towards structured and long dated notes in their hunt for yield as the summer break creeps closer.
The Nordic Investment Bank placed a €25m July 2057 callable zero coupon note on Tuesday. The bond is callable in July 2038 at 123.104 and redeems at 151.5458. HSBC priced the note at par.
“This is an interesting trade,” said a banker away from the deal.