Sterling
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Insurer optimised capital structure by raising tier one capital, buying back tier two -
Italian lender offers investors a rare chance to pick up duration in sterling
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Finnish lender was willing to pay up in order to diversify
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Senior issuance rises to £3bn in seven trading sessions but latest order book was slow to grow
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As Santander rattles through tier two trade, FIG market anticipates destination: AT1
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Attractive pricing and a desire to diversify to drive foreign financials to sterling
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UK lender could issue covered bonds as soon as Q3 to help refinance TFSME debt
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Insurance companies issuing their riskiest debt capital is a prerequisite for banks to offer AT1, say bankers
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Single-B rated lender’s senior market return close to 1.7 times covered
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Dutch deal gathers bigger interest than European peers thanks to spread pick-up and shorter maturity
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Investors were eager to take down sterling paper from foreign and domestic issuers across the capital structure
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Simultaneous buy-back of tier two bonds to spur deal's success in first test of most junior class since Credit Suisse demise
