A €250 million Banco Pastor deal led by Barclays Capital, Dresdner Kleinwort Wasserstein and Morgan Stanley is the first Spanish tier 1 issue targeted at institutional investors. Financial institution originators are rubbing their hands at the prospect of a floodgate of innovative tier 1 issuance. Previously, central bank Banco de España had only allowed non-innovative deals.
Almost all other European regulators have allowed the sale of tier 1 instruments but restricted these to 15% of core tier 1, which is normally common equity and preference shares.
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