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◆ Record sized sterling deal for an Australian bank ◆ Achieves pricing inside equivalent euro level, lead says ◆ Follows record earnings
◆ Deal follows same structure as SEB's Monday trade ◆ Market conditions made for 'easy' go/no-go decision ◆ Low new issue premium
◆ Capital trade attracts investors for juicy return in tight market ◆ Slightly longer 11NC6 structure chosen for triple digit spread and 4%-plus yield ◆ Deal cleared at low single digit concession
Siena deal is backed by a $1.5bn portfolio
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European Investment Fund duo on how significant risk transfer securitization helps get maximum impact for the Fund's money -
In contrast to Europe, heavy retail presence prompts Australian regulator to rejig local banks' capital stacks
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Selective investors have been less than wowed by the secondary performance in some bank bonds
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Subordinated debt needed to support growth of public sector lender
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◆ Late emergence of a new FIG issue surprises some ◆ RT1 comparables debated ◆ French sovereign exposure 'more limited' than peers
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Relentless appetite for financial institution paper led to a collapse in new issue premiums at the start of 2024. In the second half of the year, however, some investors pivoted away from senior paper and into subordinated debt as the hunt for yield intensified, writes Sarah Ainsworth
