Household names pave way for rarer FIG borrowers

By Frank Jackman
05 Jan 2021

A pair of senior non-preferred bonds from Swedbank and Société Générale on Tuesday followed Monday’s opener from ING. With three household names now having established pricing points, rarer borrowers are starting to fill the pipeline.

Société Générale sold what a second syndicate banker called the “best trade out there" — a long eight year non-call seven senior non-preferred note.

The French bank started the pricing process with initial thoughts of 115bp-120bp over mid-swaps.

“It’s probably going to land very close to fair ...

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