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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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Just Group is set to become the third insurance company in a week to buy back some of its subordinated bonds with a view to replacing them with new securities in the market. But CreditSights have cautioned against taking a 'speculative' position in the company's new bonds, which arrived with price thoughts above 8% on Thursday. -
Banco BPM spied a chance on Tuesday to issue a tier two bond to beef up its capital buffers. The Italian lender launched a 10 year non-call five deal at a 4.25% coupon — 37.5bp tighter than the initial price thoughts.
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Strong investor appetite for Thai bank capital deals helped Kasikornbank beat expectations with its $800m Basel III-compliant tier two bond.
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Assicurazioni Generali has become the first European financial institution to launch a green tier two bond. The Italian insurer attracted €3.25bn of orders, helping it to price its €750m deal about 10bp inside fair value, according to a syndicate banker.
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Banco Comercial Português found room to launch a new tier two instrument in the euro market on Friday, raising €450m with its second subordinated bond offering of the year.
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It has been an explosive week in the sterling market, with foreign and domestic names raising £2.9bn of debt on the back of £13.05bn of combined demand in the space of just three days. But there are more big tests for sterling funders in near future, with a bond market comeback for the UK’s Metro Bank being chief among them.
