Blowout Swedbank deal heralds the start of a busy AT1 refi season

By Tyler Davies
22 Aug 2019

Swedbank was supported with 14 times as much demand as it needed for a $500m additional tier one bond on Thursday, helped by falling interest rates in the US. The deal could be the first of many from European banks, which are facing up to a busy call schedule for AT1s in 2020.

Swedbank opened books on a $500m perpetual non-call September 2024 AT1 in the Reg S dollar market on Thursday morning.

Bookrunners Bank of America, Barclays, BNP Paribas, Citi, Swedbankand UBS started the pricing in the 6.25% area. But demand of $4.5bn ...

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