Rabobank launched an additional tier one (AT1) bond with a record low coupon in the euro market this week. The Dutch bank started with price thoughts of 3.625%, but tightened by 40bp to smash through the previous record of 3.5%, set by Nordea in 2017.
Rabobank opened books on Monday for a perpetual non-call 7.25 year AT1 with an expected rating of Baa3/—/BBB-.
It began with price thoughts of 3.625% area, through bookrunners Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley and Rabobank.
This initial coupon matched the one