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SocGen raised $1bn via a PerpNC10 AT1 bond at a yield of 7.125%, 50bp inside initial guidance of 7.625% area. The junior subordinated note is rated Ba2/BB/BB+. If not called by 15 January 2036, then the coupon will reset to 5Y US Treasury yield + 294.6bp. The table above gives a comparison of the new bond with its European bank peers.
