◆ No foreign bank has issued subordinated debt in the currency since CS collapse ◆ Local heavyweight showed there is demand for AT1 ◆ Will be issuer's fourth currency outing since Q2 results
◆ Second Swedish sub in a row to be priced with a spread below 200bp ◆ Market is strong but investors are price sensitive ◆ SEB pays higher NIP than Handelsbanken did
◆ Issuer is not rare in sterling market, but its preferred debt is ◆ Pays single digit premium, locks in arbitrage ◆ ‘Hot’ sterling market could attract a variety of issuers
