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  • Debt bankers change tactics as HK turmoil rages

    Debt bankers change tactics as HK turmoil rages

    Asian debt bankers were forced to react to a tumultuous week of protests in Hong Kong, cutting short the bookbuilding window for new deals. But although bankers had to change tactics, the market largely endured the turmoil. Addison Gong reports.

  • Nanyang lands tier two bond despite turmoil

    Nanyang lands tier two bond despite turmoil

    Investors looked beyond Nanyang Commercial Bank's Hong Kong home to its Chinese parent this week, allowing the borrower to close a $700m Basel III-compliant tier two subordinated deal, despite the protests happening in the city.

  • Lloyds heads to home market for new £500m AT1 transaction

    Lloyds heads to home market for new £500m AT1 transaction

    Lloyds Banking Group marketed an additional tier one in the sterling market this week, making use of favourable conditions. The lender was “quite an attractive credit” in an undersupplied market, according to analysts.

  • AIB scores tier two for MREL

    AIB scores tier two for MREL

    AIB Group has wasted little time in accessing the debt markets for subordinated capital. It launched a tier two bond this week, little over a month after selling an additional tier one (AT1) bond, adding to its minimum requirements for own funds and eligible liabilities (MREL).

  • StanChart reopens Reg S route for European bank tier twos

    StanChart reopens Reg S route for European bank tier twos

    Standard Chartered sang the praises of the Reg S only dollar market this week, after building a chunky order book behind its first tier two in the format in seven years. The deal kick-starts a busy period of capital issuance for the UK bank.

  • LBP adds to flexible call date trend with debut AT1

    LBP adds to flexible call date trend with debut AT1

    La Banque Postale is looking to strengthen its capital position with a new additional tier one bond, beginning investor meetings on Friday. The issuer joins a growing trend towards issuers employing six month par call options in their perpetual securities.

  • Unicaja debuts in T2 as ING keeps investors busy

    Unicaja debuts in T2 as ING keeps investors busy

    The first tier two from Spain’s Unicaja Banco was more than three times subscribed this week after it entered a strong new issue market. It appeared alongside ING, which paid a slim 5bp premium to print a deal in the same asset class.

  • Danske doubles back around in tier two with tighter print

    Danske doubles back around in tier two with tighter print

    Danske Bank has made its second visit of the year to the euro tier two market, paying a much tighter spread for a deal that was otherwise identical to its earlier transaction. The Danish issuer has been subject to higher capital requirements in 2019, amid the fallout from a series of high profile money laundering investigations.

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Bookrunners of European Subordinated FIG

Rank Lead Manager Amount $b No of issues Share %
1 8.02 22 10.71%
2 6.48 40 8.66%
3 5.78 29 7.72%
4 4.97 40 6.63%
5 4.67 31 6.24%