DNB Bank rides no-taper rally to net tight tier two

Norway’s DNB Bank made the most of an ebullient tone in the FIG market on Thursday, printing €750m of tier two paper well inside the initial pricing thoughts as market participants cheered the US Federal Reserve’s unexpected decision not to cut back its asset purchases. Tier two supply is expected to increase over the coming weeks, as borrowers seek to take advantage of the strong market backdrop to build up their capital buffers.