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Investors saw plenty of juice in first public AT1 from Chile as regulatory framework draws praise
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◆ 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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Around half of EU banks see pricing as a major constraint for issuing subordinated debt counting towards their minimum requirements for own funds and eligible liabilities (MREL), while analysts think funding costs will increase for capital instruments across the board, according to a survey released by the European Banking Authority this week. -
Hong Kong’s Dah Sing Bank priced a popular $225m Basel III-compliant tier two deal, starting the market on a strong note in a year where more than $24bn of capital bonds from Asia are coming up for call.
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The Italian government has agreed to provide a guarantee for Banca Carige’s bonds, giving it a chance to shore up its liquidity position. The state has also put the option of a precautionary recapitalisation on the table.
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Investors in some tier one instruments issued by HSH Nordbank are taking their complaints to court in Germany, claiming that the way in which the notes were written down and the coupon payments missed was improper.
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It might be a new year but the same old problems are haunting the Italian banking sector. On Wednesday the European Central Bank took the unprecedented step of appointing administrators to run struggling Banca Carige. The supervisor hopes that the intervention will solve long-standing governance problems, but it may not be enough for the bank to pull off an equity raise and ensure its survival.
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Poor market conditions at the start of 2019 could leave investors facing a long wait for new subordinated bank bond supply in euros, adding to a month without any issuance in the sector.
