SG Aussie AT1 fails to reach heights of rivals
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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