UBS sold an Australian dollar additional tier one capital note on Tuesday, surprising those involved after it managed to shave 75bp off of its initial pricing guidance on the back of a A$4bn ($2.7bn) orderbook. Market participants expect more banks will now want to look at the Kangaroo market for capital issuance, with BNP Paribas having also launched an AT1 in the currency last month.
“We were surprised by the outcome,” said a banker at one of the leads. “When we set out on this project I don’t think any thought it would land at 4.375%.”UBS
mandated its own investment bank, ANZ
, Commonwealth Bank of Australia
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