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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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Plenum Investments, a catastrophe bond fund, is broadening its portfolio to include tier one and tier two debt issued by insurance companies. It is seeking to offer investors a higher risk-return option, and the announcement of the new fund comes at a time when spreads on subordinated insurance debt have widened. -
QBE sold $500m of additional tier one debt in the dollar market this week, as it sought to shield itself from the financial impact of the coronavirus pandemic.
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Rabobank exercised a call option on one of its outstanding additional tier ones this week, with market participants expecting redemption to become the rule rather than the exception during the coronavirus crisis.
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Pension Insurance Corp was almost 12 times subscribed for a new tier two capital bond on Thursday, after following some of its UK peers into the sterling market amid a busy pipeline for new pension risk transfer deals.
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Market participants argued that the European Commission could have gone further this week to ease leverage ratio constraints on banks during the coronavirus crisis.
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Barclays saw its common equity tier one capital ratio fall 70bp amid balance sheet growth in the first quarter, but analysts suggest the bank should be able to maintain enough capital to carry on paying additional tier one coupons this year.
