KBC starts strongly with $3bn books as Axa tops up in euros
Belgium’s KBC Bank opened books on its highly anticipated Reg S contingent capital trade on Thursday, having spent the earlier part of the week meeting investors in Europe and Asia. Despite some observers’ protestations that the price guidance was not generous enough, the deal started well, receiving $3bn of orders. Meanwhile, Axa was set to price a 30 year non-call 10 trade in euros.
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