Raiffeisen finds cross-Europe support for lower tier two

12 May 2011

Raiffeisen Bank International sold a 10 year bullet lower tier two issue this week with the subordinated product generating plenty of debate about appropriate methods of pricing.

Lead managers BNP Paribas, Citi, RBI and UBS priced the Eu500m issue at 325bp over mid-swaps after extensive discussions with investors and close scrutiny of similar products.

The borrower roadshowed in April and had follow-on meetings with investors. Then it was a case of examining trading levels of ...

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