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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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The ECB would like Piraeus Bank to raise tier two capital, but issuance over the past few months has proved too difficult. The bank can afford to wait for now — but it has a challenging road ahead. -
The Spanish supreme court’s recent ruling that banks should pay certain taxes on mortgage loans harmed the lenders’ trading levels and hindered primary debt market access. Ratings agency DBRS estimates that, in the unlikely worst-case scenario, the sector could face a retroactive bill of €16.9bn.
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Financial institutions avoided the primary market on Monday, despite a positive investor reaction to Moody’s change to Italy’s credit rating. On Friday, Banco de Crédito Cooperativo became the latest issuer to postpone plans against a tough market backdrop.
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Aegon decided against coming to the market for its restricted tier one bond this week, after investors looked unlikely to agree with the coupon it wanted. And on Wednesday, ProCredit Holding pulled a trade after announcing initial price thoughts. Negative headlines continue to hurt issuers.
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Two financial institutions have had to abandon their plans to sell small subordinated bonds in recent days, with euro investors showing very little appetite for taking up illiquid positions in a volatile market. Banks are now facing tough questions about the viability of raising debt capital in sizes of less than €500m, after a period of incredible growth in the sub-benchmark sector.
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Aegon announced a mandate for a restricted tier one (RT1) deal on Tuesday, undeterred by recently pulled tier one trades or the prospect of paying tax on its coupons.
