Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ 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 shrug off debate over economic growth to chase higher yielding asset classes -
The insurance company is reshaping its risk profile amid economic and regulatory headwinds in the UK
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As additional tier one (AT1) coupons compress, banks are set to consider pricing in smaller increments
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The UK insurer has already reduced its debt by £1.9bn this year but will now use excess cash get rid of a further £1bn
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Other banks could be encouraged to follow the UK-based borrower in running tender exercises alongside new additional tier one issues
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Record low coupons should give way to new pricing methods in the additional tier one market
