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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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Prices on Deutsche Bank’s additional tier ones (AT1s) plummeted after the German lender announced a radical overhaul of its investment banking business this week, with bank capital investors still doubting the issuer’s ability to pay coupons on the instruments in the longer term. -
National Bank of Greece said on Tuesday that it had picked banks to arrange a tier two bond transaction as part of its plans to raise €800m in the format. The bank could become only the second Greek issuer of subordinated debt since the financial crisis, following a new tier two from Piraeus last month.
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Hong Kong-based Chong Hing Bank raised $400m from a Basel III-compliant additional tier one (AT1) transaction at a level that was, unsurprisingly, inside fair value.
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Italian banks rushed to make use of favourable market conditions this week, with Banca Monte dei Paschi di Siena and UBI Banca bringing new deals and Fineco Bank lining up an additional tier one (AT1). The window opened after the EU and the Italian government settled their scrap over the latter's budget targets, but market participants fear it won't stay open for long. Daivd Freitas reports.
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Prudential's deal was nearly 18 times subscribed on Thursday for an attractively priced tier two, which had an unusual 30 year non-call five maturity structure.
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Banca Monte dei Paschi di Siena was selling senior debt in euros on Thursday and UBI Banca was marketing tier two bonds, after the pair came rushing into the market to take advantage of a favourable backdrop for Italian credits.
