LBP faces resistance on pricing after plunging below 4% with debut AT1

By Tyler Davies
13 Nov 2019

La Banque Postale shied away from hitting the bottom end of the guidance pricing range for its debut additional tier one (AT1) on Wednesday, after losing about half of its order book during the sales process.

The French financial institution began selling a perpetual non-call seven year bond with initial price thoughts in the 4.25% area.

Investors had put in more than €3.2bn of orders for the deal by midday in London, allowing bookrunners Crédit Agricole, Credit Suisse,HSBC, JP ...

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