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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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Crédit Agricole was nearly five times subscribed for a tier two in the sterling market on Wednesday, as investors showed they were hungry for the extra spread on offer through subordinated products.
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ING Group showed credit investors are hungry for extra yield on Wednesday, as it proved popular with a new tier two deal paired with a green label.
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Santander has hired Abraham Douek from Citi to lead its coverage of financial institution and SSA clients within debt capital markets.
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Generali launched a takeover bid for fellow Italian insurer Cattolica this week, leading to a sharp rally in the value of the smaller and once beleaguered firm’s tier two bonds.
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Close Brothers Group has launched a process to buy back its only tier two bond, as it looks to replace the deal eight months before its first call date.
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Unrated Portugeuse insurer Fidelidade resurrected its plans to print a tier two bond on Friday – almost three years after its first attempt at accessing the format.