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Bond Market News
SocGen, NatWest Price AT1 Dollar Bonds
November 15, 2024
SocGen raised $1bn via a PerpNC5.5 AT1 bond at a yield of 8.125%, 50bp inside initial guidance of 8.625% area. The junior subordinated notes are rated Ba2/BB/BB+. The bond is callable until 21 May 2030, and if not redeemed, the coupon resets every five years at the 5Y US Treasury yield plus 379bp. The notes have a 75% clean-up call. A trigger event would occur if the issuer’s CET1 ratio falls below 5.125%.
NatWest Group raised $750mn via a PerpNC10 bond at a yield of 7.30%, 45bp inside initial guidance of 7.75% area. The junior subordinated notes are rated Baa3/BB-/BBB-. The bond is callable from 19 November 2034 to 19 May 2035 and if not called by then, the coupon resets to the 5Y US Treasury yield plus 293.7bp. Proceeds will be used for general corporate purposes.
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