◆ Issuer achieves the largest euro subordinated FIG trade in three months ◆ Deal praised for quality but investors show price sensitivity ◆ Views on NIP deviate from 5bp to 25bp
◆ 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