Bank of Montreal was marketing a senior preferred bond in sterling on Tuesday, one day after Rothesay Life gave FIG investors a chance to put their money in tier two in the same currency. The Canadian issuer started its trade with a 15bp-20bp concession, according to a banker off the deal.
Lead managers Bank of Montreal, Credit Suisse, Lloyds and NatWest Markets went out with initial price thoughts of 120bp area over Gilts.
They released a list of comparable transactions containing names such as Wells Fargo
, Bank of America
, JP Morgan
, New York Life,
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