◆ Issuer chooses to raise new AT1 capital six months ahead of call and tenders old paper ◆ Tight pricing means smaller book in absence of fast money ◆ AT1s have reached ‘aggressive’ levels but expected to keep attracting investor support
◆ Market moves wider but German insurer still gathers €2.4bn of orders ◆ Pays higher NIP to print than it would have a day earlier ◆ Starts buy-back of RT1 ahead of September call date
◆ Two banks print €2bn on the back of almost €5.5bn combined demand ◆ Investors keen to pick up yield through subordinated debt ◆ All this, despite tier two paper trading tighter than a year ago
