STERLING

摘要

Legal & general left little to chance last Monday, paying a chunky premium to secure subordinated capital, the first such sterling trade since early August. The UK insurer began marketing a 30-year non-call 10-year Tier 2 bond issue at Gilts plus 370bp area via Bank of America Merrill Lynch, Barclays,Deutsche Bank and JP Morgan. Guidance followed at plus 360bp (+/-2bp) and the final spread came at plus 358bp for a £600m size on books of over £2bn. Expected ratings are Baal/BBB+. Bankers put the new issue concession between 40bp and 50bp, the level required to reopen a market that has been sealed shut since a Barclays £lbn Additional Tier 1 bond offering in early August.