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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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On Tuesday Rabobank attracted more than 300 accounts to the first benchmark-sized euro additional tier one (AT1) bond since April, as it looked to refinance legacy tier one debt that reaches a call date next year. It was also the first Dutch financial institution to issue tier one since the government proposed to change the tax law on coupon distributions. -
Fund investors have taken on the senior debt supporting a €1.4bn acquisition of a Bank of Cyprus non-performing loan portfolio by Apollo Global Management last week, despite its lack of a rating.
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Spanish insurance firm Mapfre offered a tier two bond on Friday, in the first insurance deal in more than eight weeks. The issuer paid up, particularly as its outstanding tier two gapped out substantially after the deal was announced on Thursday.
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Insurance firm Mapfre is planning to bring a subordinated bond to the euro market, after a week and a half of heavy supply in the senior format.
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Landsbankinn’s tier two deal on Thursday carried an unremarkable size of just €100m. But more notable was that it was the first subordinated euro trade from an Icelandic bank since the crisis.
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Bank of Cyprus said on Tuesday that it had priced €220m of additional tier one (AT1) capital with a whopping 12.5% coupon, on the same day it announced the sale of a portfolio of non-performing loans.
