◆ Spanish bank raises €750m new capital ahead of calls in the middle of Sabadell takeover bid ◆ Tight price leads to more than €2.2bn of orders dropping ◆ Greece’s Alpha bank prints first tier two in more than three years
◆ UK insurer prints inaugural dollar tier two a day after main sterling leg ◆ Achieves currency and investor diversification while meeting £750m funding target ◆ Revival in sterling FIG across capital structure
◆ FIG pipeline fills with subordinated euro deals ahead of Thursday's ECB meeting ◆ Rebranded My Money Group lines up sub-benchmark AT1 ◆ Alpha Bank and Athora prepare tier twos and tenders
◆ Pricing above 8% confused rival bankers who put fair value in high 7% ◆ Large size deemed motivator for the trade ◆ Likely refi of $2.75bn in AT1 calls later this year
