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Iceland’s Arion Banki is to provide an even greater test of investor appetite for risky banks than recent deals from Greece as it plots its first wholesale market funding in a major currency in six years.
Arion Banki, formally known as Kaupthing Bank, has mandated Deutsche Bank and Nomura to lead manage the first Icelandic euro senior bond issue since the country’s banking system collapsed in 2008.
Continental European banks’ increasing use of the sterling market for raising hybrid capital could have ramifications for domestic UK lenders that are struggling to convince investors there is value in their senior unsecured debt.
- Banks charge into primary as credit market roars
- AIB builds out unsecured bond curve with five-year offering
- NIBC shows commitment to pass-through but market seeks follow-up
- AQR fears spur peripheral banks to front-load funding
- Credit Agricole completes AT1 currency trifecta
- Investors ignore bank bail-in risk
- UniCredit debut AT1 bond performs but investors prove selective