BANCO DE SABADELL timed its debut Additional Tier 1 deal to perfection, coming just as the sector hits new tights and proving immune to the fall in price of Banco Popular's AT1 securities after its poor results last Friday. Sabadell's €750m perpetual non-call five-year (expected B2) launched at 6.50%, far inside where CreditSights saw fair value in the mid-7% area. Orders had raced to €4.75bn by mid-morning and limited price sensitivity enabled leads to move 7% area IPTs by some 50bp and beyond 6.625%-6.75% guidance.
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机译：上周五，BANCO DE SABADELL将其首次发行的Extra Tier 1交易定为完美时机，与此同时，该行业遭遇新的紧身衣，并证明不受Banco Popular AT1证券价格下跌的影响。萨瓦德尔的7.5亿欧元永久性五年期非看涨期权（预期为B2）以6.50％的价格发行，远低于CreditSights在7％中期的公允价值。截至上午中旬，订单已飙升至47.5亿欧元，有限的价格敏感性使7％的区域IPT上升了约50个基点，超出了6.625％-6.75％的指导水平。
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