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Investors saw plenty of juice in first public AT1 from Chile as regulatory framework draws praise
Mexican lender falls short of bond size target as late 2023 momentum fades
◆ US RMBS sales in Europe: immigration or vacation? ◆ UBS AT1 makes nonsense of claims of investor fears ◆ The EU's last hurrah in the SSA market
◆ IG investors comfort eat sweet spreads ◆ What can FIG issuers do now? ◆ US HEI securitizations: mainstream or flash in pan?
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Lloyds Bank is offering investors the chance to trade in several of its legacy tier one and tier two capital instruments in exchange for a new 15 year tier two note. -
Mediobanca was swamped with orders for a small tier two on Monday, as investors welcomed a rare opportunity to gain subordinated exposure to the Italian bank. Its deal was further supported by another positive development in the race to roll out a vaccine for Covid-19.
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Erste Group Bank launched its second additional tier one (AT1) of the year on Monday, taking advantage of a surge in risk appetite in the run up to the Christmas break.
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Piraeus Bank is expected to have to convert its state-held contingent convertible bonds (CoCos) into equity, which will put the firm under Greek government ownership. The move comes after the Single Supervisory Mechanism this week refused the issuer’s request to settle its bond coupons in cash.
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BBVA said on Monday that it had reached an agreement to sell its US subsidiary to PNC Financial Services. The Spanish bank’s bonds rallied sharply on the news of the deal, which will increase its main capital ratios by as much as 300bp.
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Holders of Rmb6.5bn ($984m) of subordinated bonds issued by Inner Mongolia-based Baoshang Bank will lose all their investment after the firm was deemed non-viable by Chinese regulators.
