Rabobank SNP debut blows the doors off

摘要

RABOBANK took a crucial step down the road to MREL compliance last Wednesday, when the Dutch bank's inaugural senior non-preferred bond drew in one of the largest books for a euro financial deal year-to-date. Investors showered the A3/A-/AA- rated five-year with €4.7bn in orders, enabling leads BNP Paribas, Credit Suisse, HSBC, Morgan Stanley and Rabobank to tighten the spread from an initial mid-swaps plus low 70s to a final 55bp.