Key arguments for the trade
- After Jyske in June announced that it would take over Handelsbanken’s Danish assets, it became clear that Jyske would need to raise its outstanding volume of SNP quite meaningfully to meet its new absolute subordinated MREL requirement.
- Though not in itself a problem, it seemed likely that the acquisition would also make capital ratios temporarily dip below Jyske’s own targets.
- In an environment of widening credit spreads and lack of investor demand for particularly smaller issuers, this led to quite meaningful spread widening in Jyske’s SNP bonds – much more than for comparable issuers.
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