banco de sabadell's debut senior non-preferred transaction priced at the wide end of the European asset class despite its investment-grade ratings, a boon for investors chasing outperformance versus the index. Leads Banco Sabadell, Deutsche Bank, Goldman Sachs, HSBC and Societe Generate revised IPTs to mid-swaps plus 185bp area from 210bp area as books soared past €3.5bn. The bonds are expected to be rated -/BBB-/BBB/BBB. The response cemented the depth of demand for investment-grade paper at an attractive spread, continuing a theme of recent weeks.
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