Saxo Bank floats high coupon for small AT1 refi

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By Tyler Davies
19 Nov 2019

Saxo Bank gave investors a chance to pick up one of the highest yields on offer in the additional tier one (AT1) market in euros this week, albeit in a very small sub-benchmark size.

The Danish investment bank was looking to raise €50m-€75m of capital through a perpetual non-call 5.5 year AT1.

Market participants said the issuer was likely to be looking to refinance its outstanding €45m 9.75% bond, which is callable in February 2020.

JP Morgan and Nkyredit Bank ran ...

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