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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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Italy and the EU provoked indignation this week, when Italy approved the use of public money to rescue Banca Popolare di Bari, a small regional lender faltering under the weight of bad loans. The decision looks likely to join a long list of cases when European Union rules designed to prevent government bank bail-outs have proved toothless, prompting market participants to think the EU has capitulated. -
Amid a grim outlook for their profitability, European banks have been looking at all manner of ways to cut costs. Bank capital investors should not be surprised if their next target is debt interest. That may mean banks cannot be relied on to call bonds as expected, just to maintain good relations with investors.
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Reflecting on 2019, market participants may be surprised to see how things panned out. They went into the year expecting to ride out the end of QE and instead got a new purchase programme, funding scheme and rate cuts from the European Central Bank. This backdrop has given banks and insurers another good opportunity to move towards meeting their regulatory debt requirements, while testing new lows for their costs of funding and capital. GlobalCapital wanted to reward the deals that achieved stand-out results for issuers, in terms of pricing, execution and timing. The winners are presented here.
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Banks and insurance companies are finally straining to turn capital markets greener. With many having realised there are savings to be had in issuing green senior bonds, the idea of them embracing sustainable capital instruments seems to be just around the corner. David Freitas reports
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European banks no longer really have to think about building up layers of additional tier one debt. All of the focus has shifted to managing and refreshing this capital layer, and taking full advantage of a ferocious hunt for yield. Tyler Davies reports
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Activity is set to heat up in the additional tier one (AT1) bond market in 2020, with as many as 22 bonds approaching their first call dates. Market participants appear confident that conditions will allow banks to refinance and incentivise them to do so.
