Street Calls of the Week
LONDON - UBS Investment Bank announced on Tuesday it may act as stabilizing manager for Danske Bank A/S’s upcoming euro-denominated benchmark senior non-preferred floating rate notes (FRN) offering, according to a pre-stabilization notice.
The securities will have a 3-year maturity with a call option after 2 years (3NC2 structure). The stabilization period is expected to begin on Tuesday and could continue until October 30, 2025, with a maximum over-allotment facility of up to 5% of the aggregate nominal amount.
The stabilization activities may include over-allotting securities or conducting transactions to support the market price at levels higher than might otherwise prevail, though UBS noted there is no assurance that any stabilization action will be taken.
The offer price and other terms for the benchmark-sized euro notes have yet to be determined, according to the notice.
This announcement comes as part of standard market practices for new debt issuances, where stabilization managers can intervene in trading to prevent excessive price volatility immediately following an offering.
The information was released in a regulatory news service filing by UBS AG, acting as the designated stabilizing manager for the transaction.
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