Insurance companies in Switzerland are set to repay billions in mostly discounted old-style bonds over the next decade as changes to the country's capital
Danske Bank returned to the Additional Tier 1 market on Wednesday for the first time since the revelation of the extent of its money laundering failings in 2018.
The lender also took on a challenging market backdrop as it offered investors a US$750m perpetual non-call November 2026 Reg S transaction.
The deal came after a volatile session for global stocks on Tuesday, which nudged bank subordinated debt wider in the secondary market and, in the US onshore market, saw insurer Liberty Mutual postpone a junior subordinated note issue.
Some observers were surprised by Danske s decision to come hot on the heels of Liberty s postponement. A 4.75% US$1bn Banco Santander AT1 offering sold on May 6 also contributed to a tricky backdrop after it struggled to perform and was bid at a cash price of 99.50 on Wednesday.