Société Générale

Rating: Ba3/BB+/BB

Amount: $1.75bn of low trigger additional tier one capital

Maturity: perpetual non-call

Call option: December 18, 2023

Coupon: 7.875%

Launched: Wednesday December 11

Payment date: December 18

Joint books: Société Générale, JP Morgan, Morgan Stanley

Bookrunners’ comment:

The outstanding $1.25bn perp non-call five was trading at around 7.1%. Some people’s instinctive reaction to that was ...