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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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Bawag was three times subscribed when selling its first additional tier one bond on Wednesday, with investors renewing their enthusiasm for the riskiest parts of the bank capital structure. -
Investors are expecting banks to accelerate their plans to sell additional tier one (AT1) bonds in the coming weeks, but a number of recent new issues have been too tightly priced to excite some market specialists.
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Zurich Insurance Company was more than five times subscribed for a $500m subordinated bond on Tuesday, pricing the bonds at what a banker close to the deal estimated was a minimal new issue premium.
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KBC Group has moved a year in advance to take a chunk out of its refinancing requirements in the additional tier one market, pricing €1bn of new paper in line with where its closest peers were trading on Tuesday.
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South Africa’s FirstRand Bank issued the first Basel III compliant tier two bond from the country on Monday, as South Africa’s banks look to capitalise on improving sentiment towards the country to diversify away from a ready domestic market.
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Hanwha Life Insurance Co became the latest South Korean name to raise funds from the dollar bond market on Monday, as the country’s insurance firms prepare to adhere to new capital standards.
