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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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Financial institutions were reluctant to access the primary market on Wednesday despite having a successful new issue from JP Morgan to follow from the day before. -
DBS Group Holdings gave US investors the opportunity to lay their hands on a rare Singaporean bank tier two bond in the 144A format this week, raising $750m despite a crowded primary market.
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Vivat is looking to become only the second insurer to issue a restricted tier one (RT1) bond in euros, after announcing a mandate on Monday. It is also looking to find extra room for ineligible Solvency II capital by tendering a tier two bond issued by a subsidiary.
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With investors taking fright at Italian politics and volatility returning to the FIG market, finding an opportunity to press on with funding and bank capital raising plans will now be harder for less frequent, smaller issuers in Europe’s periphery countries. Three problem banks of recent times have each indicated plans to raise subordinated debt: Monte dei Paschi di Siena, Carige and Caixa Geral de Depósitos, and market participants will be keen to see what they do next, writes Jasper Cox.
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The European Banking Authority and the European Securities and Markets Authority have published a joint statement calling for a closer consideration of how retail ownership of debt could affect a bank resolution.
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After the sale of its insurance business to Phoenix, Standard Life Aberdeen expects to call subordinated debt as it looks ahead to lower capital requirements, but stricter rules about the nature of its debt instruments.
