Banks eye tier two options after Nordea demand tops €4bn

02 Feb 2012

FIG bankers say that the heavy demand seen for Nordea’s lower tier two issue is leading other banks to look at their options for callable non-step issues, but they warn that the floodgates are not open yet.

Some 350 accounts placed more than €4bn of orders for the Swedish bank’s tier two bond issue on Wednesday. The deal was the first euro-denominated tier two since the second quarter last year to be sold fresh rather than being issued as part of an exchange.

“I don’t see everyone following,” said a FIG ...

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