The primary market for European bank AT1 deals burst into life last month, with four new offerings coming in quick succession, attracting strong demand from yield-hungry investors despite offering coupons far below those on the first-generation contingent convertibles that banks sold in 2011 and 2012, and even on more recent AT1 deals launched late in 2013.
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| AT1 market braced for year-end surge as AQR results loom September 2014 |
Nationwide Building Society came with a £1 billion ($1.65 billion) non-call five paying a 6.875%
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