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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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Bank of Ireland this week issued the first additional tier one (AT1) capital instrument since the start of the coronavirus pandemic, minimising the execution risk by borrowing from the ECM playbook and wall-crossing the deal ahead of launch. -
Euro area banks are expected to make use of the relaxation of their Pillar 2 capital requirements by issuing more capital instruments in the coming months, following the example set by Deutsche Bank this week.
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The European Central Bank said this week that it wants to be ‘pragmatic’ with its supervisory review and evaluation process (SREP) this year, keeping Pillar 2 capital requirements at stable levels for banks amid the coronavirus crisis.
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Iccrea Banca said on Tuesday that it had obtained the necessary regulatory approval to call two of its outstanding subordinated bonds, amid debate about the economic merits of leaving capital instruments outstanding.
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Deutsche Bank sold a new tier two on Monday while offering to buy back some of its non-preferred senior debt from investors. The liability management exercise will help the issuer adapt its balance sheet to a new regulatory environment amid Covid-19.
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European lenders are debating whether it is worth them taking advantage of new IFRS 9 transitional rules, with some market participants suggesting they will largely ignore any capital benefit gained through these sorts of relief measures.
