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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 Dutch government is planning to get rid of tax deductions for coupons on the tier one securities issued by banks and insurers, after the European Commission said that their tax treatment could raise state aid concerns. -
Novo Banco announced the successful pricing of its first public bond issue on Friday afternoon, with the vast majority of investors coming from outside of Portugal despite protests from international investors.
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Novo Banco looked set to be able to place a tier two bond after announcing exchange offers from senior bondholders on Friday. But the Portuguese lender is beleaguered by investor protests as it seeks to complete a crucial stage on its path to becoming a normal bank. Jasper Cox reports.
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The introduction of the first exchange traded funds (ETFs) tracking the performance of European bank additional tier one (AT1) bonds could encourage investment in the asset class from a wider and more varied range of sources. But market participants are divided as to whether the emergence of these funds will be positive for the liquidity profile of the market.
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The debut dollar bond issue for Heungkuk Fire and Marine Insurance Co has caused some consternation in the market this week. The order book for the South Korean company’s subordinated deal had been open for a week as GlobalCapital Asia went to press on Thursday, leaving bankers and analysts scratching their heads.
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Crédit Agricole has sold a Samurai bond to retail buyers, marking the first time it has participated in that market. It is in the tier two format, despite European regulators’ concern that non-institutional investors holding bank capital could prevent the effective resolution of institutions.
