Demand for Societe Generale's AT1 bond over USD15bn
NEW YORK, Dec 11 (IFR) - Societe Generale has tightened guidance on its perpetual non-call 10-year Additional Tier 1 offering to 7.875%-8% after attracting demand in excess of USD15bn.
Initial price thoughts had been set at very low 8% area late on Tuesday, and had attracted more than USD8bn of demand by the time European markets opened on Wednesday.
The deal is expected to price on Wednesday. Societe Generale is the bookrunner with JP Morgan and Morgan Stanley as joint lead managers.