KBC starts strongly with $3bn books as Axa tops up in euros

17 Jan 2013

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.

KBC’s $1bn no-grow deal is set to price on Friday, to give Asian accounts time to participate, although books are expected to go subject in Europe on Thursday’s close. It is a 10 year non-call five tier two trade, which will be written down fully and permanently if ...

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