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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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Additional tier ones couldn’t have reacted any more calmly to the first ever extension of a deal this week, but the market is still a long way from overcoming its ultimate test. -
The bigger surprise in the financial institutions debt market this week was not that Banco Santander decided to extend the life of an additional tier one bond, but rather that the subordinated debt market took the decision in its stride.
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Svenska Handelsbanken found strong demand at tight levels for a new additional tier one this week, helping to put to bed any concerns that the market might be languishing after the first ever ‘non-call’ in asset class.
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BBVA did not have to offer any premium to investors to bring in a new tier two bond on Thursday, according to lead managers, as asset managers show renewed thirst for debt from southern European financial institutions.
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Svenska Handelsbanken picked banks on Wednesday to arrange the sale of a new additional tier one in the dollar market, with the dust yet to settle around Banco Santander’s decision to extend the life of one of its instruments.
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Italy’s UniCredit was able to raise €1bn of new tier two capital without having to pay a large premium on Wednesday, adding to recent evidence that the subordinated debt market is in rude health.
