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Danske Bank pushes through with $3B bond sale

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Danske Bank pushes through with $3B bond sale

Danske Bank A/S has relaunched a dual-tranche U.S. dollar senior nonpreferred bond that it postponed Jan. 9 after Hermitage Capital Management Ltd. CEO Bill Browder warned that he would reveal new information on a money laundering case linked to the bank.

The $1.5 billion three-year notes will now price at Treasurys plus 260 basis points, compared to plus 255 basis points at the initial launch while the $1.5 billion, five-year notes will price at Treasurys plus 290 basis points, compared to plus 285 basis points earlier, Reuters reported Jan. 11, citing a lead manager on the deal.

The Danish bank received book orders in excess of $13 billion before it was forced to postpone the bond sale, Reuters noted. A senior nonpreferred bond is a type of debt that can potentially absorb losses if the issuer were to go bust.