Sabadell lifts lid on bank capital supply in euros

By Tyler Davies
02 Mar 2021

Banco de Sabadell was met with good demand for the first euro additional tier one benchmark of the year on Tuesday, as investors welcomed a rare opportunity to pick up subordinated bank debt in the primary market. Alpha Bank could add to the supply later this week after unveiling plans for a new tier two transaction.

Banco de Sabadell (Baa3/BBB/BBB-) was looking to raise €500m of perpetual non-call 5.5 year AT1 capital.

It opened books for its deal through Barclays, Banco Sabadell, Credit Suisse, JP Morgan, Natixis and UniCredit on Tuesday morning, with pricing in the 6.25% area.

There had not previously been any ...

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