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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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Belfius Bank said on Tuesday that it was ‘exploring opportunities’ for issuing up to €200m of new tier two bonds, which would help the issuer to improve the composition of its capital stack. -
Insurance firm Axa has made a €12.4bn-equivalent cash bid for XL Group, and the French company says it already has €9bn of back-up bridge financing in place.
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Scor SE tightened pricing significantly for its restricted tier one (RT1) trade on Tuesday, a deal that had an innovate structural feature that will allow it to be treated as a liability on the insurer’s balance sheet.
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The better-than-expected performance of the Northern League and the Five Star Movement in Sunday’s Italian election provoked alarm but not panic in the FIG market. Issuance from the country is likely to slow down as politicians try to form an administration.
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The People’s Bank of China (PBoC) updated its regulations on capital bonds last week, encouraging lenders to supplement their capital with new issuance and start getting ready to comply with international standards on meeting total loss absorption capacity (TLAC) requirements. But it also clarified loss absorption terms — a move that may impact offshore additional tier one volumes from the Mainland.
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Insurance firms have been finding favourable conditions for new debt issuance, leading to greater amounts of leverage in the sector. And Scor SE is set to lay out a new marker in the restricted tier one (RT1) asset class.
