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◆ IG investors comfort eat sweet spreads ◆ What can FIG issuers do now? ◆ US HEI securitizations: mainstream or flash in pan?
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ASR Nederland was more than 10 times subscribed for a new tier two in the euro market on Thursday, the proceeds of which will be used to finance its takeover of disability insurance specialist Loyalis. -
Crédit Agricole turned to the Singapore dollar market on Wednesday to sell its latest subordinated transaction, marking the French bank’s first bond sale in the currency.
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ASR Nederland is planning a 30 year non-call 10 tier two bond issue, it said on Wednesday, as looks to finance its recent acquisition of disability specialist Loyalis.
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Co-operative Bank managed to raise £200m of tier two capital this week, in its first bond sale since coming close to failing in 2017. A healthy coupon of 9.5% helped the UK lender to find the demand it needed, even if one investor said that there was still “not much to like” about its credit profile.
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Shinhan Bank of South Korea managed tight pricing on its Basel III-compliant tier two deal on Monday. Investors overwhelmed the $400m transaction with orders that covered the book more than seven times at its peak, thanks in part to its rare 10 year tenor but also as a result of its status as Asia’s first dollar-denominated UN Sustainable Development Goals-linked bond. Morgan Davis reports.
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Investors have resisted the temptation to pile into new subordinated bonds from lesser known banks in recent weeks, fuelling expectations that funds will remain prudent in the market, even as it becomes harder for them to find high yielding assets.
