SG Aussie AT1 fails to reach heights of rivals

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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access:

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: or find out more online here.