European banks turn to sub debt in Yankee summer spree

By David Freitas
06 Aug 2020

Subordinated debt transactions in dollars from a trio of European banks left no doubts about the strength of the Yankee market this week. Bookrunners are encouraging issuers to execute trades in the asset class quickly, as they are unlikely to encounter better conditions before the end of this year, writes David Freitas.

After UBS last month highlighted how favourable conditions could be for banks sourcing subordinated capital in the dollar market, this week Credit Suisse, Barclays and BNP Paribasopted not to miss out, following their announcement of Q2 results last week.

“Market conditions are excellent and issuing ...

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