SG Aussie AT1 fails to reach heights of rivals

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By Frank Jackman
05 Sep 2019

FIG bond bankers are worried, as one put it, that “the steam is coming out of the Kangaroo market” after Thursday’s additional tier 1 (AT1) deal from Société Générale failed to reach the heights of deals from UBS and BNP Paribas earlier in the summer.

“Maybe there’s a little fatigue in the AT1 market in terms of how far investors are willing to follow price progression from the initial price thoughts stage,” said a banker away from the Société Générale sale. 

The perpetual non-call five year AT1 Kangaroo deal follows last month’s A$700m ...

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