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Nationwide Building Society stormed into the subordinated debt market on Tuesday, gathering around €6bn of demand for a €1.25bn 10 year non-call five trade which was priced well inside initial pricing thoughts. The deal proved real money accounts’ hunger for paper from UK lenders, which will encourage Nationwide’s peers as they gear up for their own subordinated deals.
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The Asian bid was back in capital on Thursday as accounts from the region took 43% of AG Insurance’s new $550m US dollar Reg S perp. The response was good news for those already in a swelling capital pipeline, with Achmea Hypotheekbank hiring banks for a possible hybrid capital transaction.
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AG Insurance is preparing to buy back its outstanding €500m perp following a strong investor response to its new US dollar Reg S perp, which saw books swell overnight to reach more than $6bn by Thursday morning.
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Belgian firm AG Insurance opened books on a perpetual trade on Wednesday, having completed a roadshow in Asia and Europe while taking tender instructions for a buyback of old subordinated debt. Meanwhile, bankers hope the success of Nationwide Building Society’s 10 sub trade on Tuesday will encourage other lenders to push ahead with issuance.
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More UK borrowers are set to hit the subordinated debt market after Nationwide Building Society brought its first tier two benchmark trade since 2010. The deal’s success is encouraging for other banks planning subordinated trades, such as Barclays and Royal Bank of Scotland, said bankers.