UBS surprises with ultra-tight pricing for Aussie AT1 debut

kangaroozzzzz
By Frank Jackman
20 Aug 2019

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, Westpac, Commonwealth Bank of Australia and ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.