Alice Gledhill is a reporter covering bank and insurance debt with a focus on the primary market. She also writes regularly about banking regulation. She joined IFR and IFR Markets in 2014.
Caixa Geral de Depositos cajoled investors into buying €500m of its most deeply subordinated debt, a key element in the state-owned bank’s recap plan, but the 10.75% coupon is the highest since the market’s infancy in 2013.
ABN AMRO bagged US$1.5bn of Tier 2 capital last Monday, proving that Reg S dollars can give the Yankee market a run for its money on the execution front.
Investors barely batted an eyelid as Danske Bank became the second bank within a week to change the structure of its latest Additional Tier 1 transaction, smoothing the way to its first dollar-denominated issuance in the format.