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◆ First leg of financing for Aegon UK acquisition ◆ Popularity of FIG capital attracts large demand ◆ Deal seen with negative new issue concession
◆ Investors taking 'optimistic' view of UK politics ◆ Issuer benefits from shortage of tier two supply in sterling ◆ Single digit premium paid
Deal comes after UK new issue spreads have softened
Data
Beyond the proposed lower leverage ratios, new frameworks may give banks more flexibility at times of stress
Recent Unicaja tender and new issue prompts talk of wider adoption of debt management technicque more popular in US market
Banks are well advanced with funding, but spreads could encourage pre-funding of subordinated capital
Europe’s regulator proposes preserving capital requirements while trimming the complexity that hampers cross-border M&A
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The US bank set to diversify funding after refreshing its dollar curve earlier this year -
◆ Largest euro SNP book since February ◆ Extra spread on offer versus other major bank issuers ◆ Instant secondary performance
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British bank picks four leads to run its second public sterling BTL mortgage covered bond
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Deal is one of 11 forming the ABS pipeline
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More AT1 supply is coming as 2026 already approaches last year's volume
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◆ Rare format from issuer amplifies trend of UK lenders printing opco debt ◆ Arrives amid demand for debt from national champions ◆ Follows equivalent senior preferred bonds from French banks
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