It was an unremarkable deal, from a well-known issuer in a busy period in the debt capital markets that didn’t even need an investor call to sell it, never mind a roadshow.
The €500 million 12-year, non-call seven, tier 2 deal from Danske Bank, the largest bank in Denmark, rated BBB by Standard & Poor’s and A- by Fitch, offered a coupon of just 2.75% and priced at a slight discount to yield 2.767%.
The lead banks, perhaps mindful of high demand for bonds offering any yield, made it clear from the outset that the deal would not be increased in size.
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