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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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Banco Comercial Português got away an additional tier one bond deal on Thursday, showing demand is present for a risky credit profile, but at a high level. The bond will suffer from higher than average coupon risk. -
Metro Bank’s update to the market on Wednesday has led to speculation it will need to raise capital once more. It revealed slowing loan and deposit growth, weaker than expected profits, and a greater than expected rise in risk-weighted assets chewing up its capital ratio. The update came at a time when UK banks are pessimistic about raising capital.
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Assicurazioni Generali was more than 10 times subscribed for its bullet tier two deal on Monday, the first public subordinated bond to be issued by an Italian financial institution in more than half a year. The deal likely benefitted from investors feeling more confident about both Italy and subordinated insurance debt.
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CMB Wing Lung Bank, the Hong Kong-based subsidiary of China Merchants Bank, has printed the year's first Basel III-compliant additional tier one note from Asia, taking $400m from a deal that was priced well inside analysts’ view on fair value.
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BNP Paribas made a comeback to the Singapore dollar bond market to shore up its capital, bringing the year’s first Basel III-compliant tier two outing in the currency.
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The European Banking Authority is sceptical about HSBC’s decision to re-grant capital treatment to some legacy debt instruments last year, but it is unsure about the leverage it can exert over UK authorities in light of the country’s upcoming departure from the EU.
