Unicaja debuts in T2 as ING keeps investors busy
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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