Unicaja debuts in T2 as ING keeps investors busy

By David Freitas
06 Nov 2019

The first tier two from Spain’s Unicaja Banco was more than three times subscribed this week after it entered a strong new issue market. It appeared alongside ING, which paid a slim 5bp premium to print a deal in the same asset class.

Unicaja Banco had been holding meetings with investors across Europe since October 31, to assess appetite for an inaugural sub-benchmark tier two bond in euros, with expected ratings of Ba3/—/BB+.

On Wednesday morning, lead managers HSBC, Mediobanca, Morgan Stanley and UBS went out with a €300m no-grow 10 year non-call ...

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