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  • UBS has changed the structure of its FIG debt capital markets team in an attempt to win more of the increased supply of bank capital expected in the coming years. The Swiss firm has opted to merge its liability management and capital solutions teams after abandoning plans to hire a new head of capital solutions.
  • FIG
    Danske Bank is expected to sell a wide-ranging tier two deal on Tuesday afternoon, offering debt in all three Scandinavian currencies. The trade will excite local investors, who have clamoured for access to domestic currency sub debt after the issuer’s tier two euro deal in September.
  • FIG
    Nationwide Building Society has chosen a large minimum tradeable amount for its new core capital deferred shares — a new form of tier one capital for mutuals — meaning that apart from high net worth individuals, retail investors will effectively be barred from participating in the deal.
  • FIG
    UK investors rushed to a £400m subordinated bond from the Royal London Mutual Insurance Society on Friday, placing £2bn of orders in the first sterling tier two deal from a FIG borrower since April. The deal replaces old capital that the firm is buying back in a separate tender offer, which closes on Monday.
  • FIG
    The Royal London Mutual Insurance Society has hit the sterling market for a 30 year non-call 10 subordinated bond following meetings with investors in London and Edinburgh earlier this week.
  • FIG
    Austrian lender Raiffeisenlandesbank Niederösterreich-Wien printed a larger deal than it was planning this week after getting over €650m of orders for a 10 year tier two bullet on Tuesday.