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June 2007
by Alex Chambers and Jethro Wookey
A market that has been devoid of issuance for one and a half years reopened last month when Aberdeen Asset Management successfully launched and priced a 7.9% $400 million perpetual non-call five tier 1 bond via Merrill Lynch. The asset manager was swiftly followed by transactions for BNP Paribas and Lehman Brothers. There are others in the wings, namely an upper tier 2 style deal for International Securities Trading Corporation, via Merrill Lynch and HSBC, and a tier 1 offering for IKB via Deutsche Bank.
"There is lots of money in private banks, and current coupons in the range of 6.5%...
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