◆ Danish lender raises €2.25bn of bail-in debt in one go ◆ Offers visible premium to lure investors for its acquisition funding of Spar Nord Bank ◆ Issuance strategy positively deviates from the past
◆ First Canadian tier two in euros since 2008 ◆ How TD alleviated concerns surrounding its profitability ◆ Issuer achieves 'competitive' diversification
◆ Danish bank brings unusual M&A financing to FIG market ◆ Senior non-preferred and tier two issuance needs have doubled ◆ Will deploy 'very rare' senior and tier two combo
◆ Specialist CRE lender raises capital to replace AT1 it kept extending since 2020 ◆ Outcome seen as positive for banks involved in the CRE lending ◆ Dollar funding comes some 300bp below euro AT1 coupon
◆ Sentiment towards CRE exposed issuers far cry from February 2024's lows ◆ Aareal eyes replacing AT1 it has extended since April 2020 ◆ Switches from euros to dollars due to costs
