LBP endorses ‘decimalisation’ of AT1 market after tight debut print

By Tyler Davies
14 Nov 2019

La Banque Postale has suggested that issuers of additional tier one (AT1) capital should drop the tradition of making large pricing steps in the euro market, after setting a very low coupon for its debut in the asset class this week.

The French bank raised €750m of perpetual non-call seven year capital at a coupon rate of 3.875% on Wednesday.

It had pushed for an even lower coupon of 3.75%, but stuck to the middle of its guidance range of 3.875%, plus or minus 0.125%, after some investors dropped ...

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