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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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Investors chasing higher yields and spreads have poured large orders into lower rated bank debt. More issuance is expected to target this demand -
Foreign issuers offering higher relative value draw in international investors
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Investors eager for higher yielding credit help Spanish lender price inside rival Sabadell
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Spanish bank's tier two achieves arbitrage over euros
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EBA flags cost to banks from higher spreads and new issue premiums
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Investors showed stronger appetite for subordinated debt, though Irish lender's holding company social bond was sold with the lowest premium of the day in FIG market
