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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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UK asset manager Winterbrook Capital has gone public with a claim that events of default have occurred on Novo Banco senior notes, on the week in which the bank is attempting to sell a tier two bond and tender old senior bonds. -
Scope Ratings has warned that investors should not be ‘complacent’ about the risk of coupon cancellations for additional tier ones (AT1) following planned changes to European bank capital requirements.
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Holders of a highly scrutinised UniCredit capital instrument hold a very small proportion of the bank’s equity, according to a source familiar with the matter. This could mean they are more likely to follow the recommendation of activist investor Caius Capital and push for the bank to exchange the notes.
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The European Banking Authority (EBA) cautioned on Monday that banks could have to hold more capital against UK exposures after Brexit. It said that banks were ill-prepared for no agreement being reached between the UK and the European Union (EU).
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Novo Banco is looking to issue a tier two bond, as it part of an agreement reached when it was acquired by US private equity firm Lone Star last year. But under that agreement the Portuguese Resolution Fund is obliged to step in if the bank cannot place €400m of notes privately.
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Heungkuk Fire and Marine Insurance Co, which kicked off bookbuilding for a dollar bond on Thursday, was still speaking to investors on Friday morning, according to a source close to the situation.
