Sabadell lifts lid on bank capital supply in euros

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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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