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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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Dutch insurer Aegon surfaced in the euro market on Thursday to sell a restricted tier one deal that investors had been expecting for the best part of the past two years. -
Issuance of Italian bank debt in 2019 has nearly caught up with last year’s running total. Banca Popolare di Sondrio this week followed Mediobanca and UniCredit into the market to cap off a big week of supply by the nation’s lenders. The run could yet extend further, with UBI Banca gearing up for a debut green bond.
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Caixa Económica Montepio Geral opened books for its first public tier two capital issue on Wednesday, announcing eye-catching price thoughts of 10.5% area.
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Recent supply of additional tier one capital bonds has confirmed to investors that reset spreads are not the only game in town for banks, when it comes to deciding whether to leave an instrument outstanding beyond a call date.
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Van Lanschot was able to privately place €100m of additional tier one capital on Monday, after failing to complete a transaction last year. The new deal was at the upper end of the Dutch issuer’s size ambitions, but came with a higher coupon than it had initially been targeting.
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Coventry Building Society was set on Tuesday to become the first ever issuer to simultaneously sell new additional tier one notes and tender for outstanding bonds, in an approach that could soon be followed by other European financial institutions. The transaction was facilitated by TwentyFour Asset Management, which is a ‘significant investor’ in both the firm’s new and old AT1s.
