Nykredit returns to tier two after six years away

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By Frank Jackman
19 Apr 2021

Nykredit Realkredit ended a six year absence from the tier two format in euros this week. With conditions for subordinated bond sales looking good despite looming blackouts, bankers feel now is the time for issuers to "go go go."

“Tier twos offer investors a nice piece of risk and a lot of spread compared to senior paper,” said one banker away from the deal. “If you’re a relatively low beta issuer, this is one trade you can guarantee would attract the maximum attention from investors.”

Demand for ...

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