Non-pref senior ‘lost in the middle’ as investors balk at tight pricing

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By Tyler Davies
07 Nov 2019

Investors staged a protest over pricing in the non-preferred senior bond market this week, causing one transaction to fail and putting two others at risk of falling flat. Comfortable with their returns for 2019 and happy to be able to choose from a glut of new bond offerings, funds have simply been happy to divert their attention elsewhere. Tyler Davies reports.

Nykredit Realkredit capped off a tough week for non-preferred senior deals on Thursday, when it was forced to postpone the sale of a €500m long 10 year bond.

The Danish lender went out with initial price thoughts of 100bp area over mid-swaps through INGJP MorganNatixis, Nykredit and ...

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