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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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Direct Line Insurance is set to become the first insurer to sell a benchmark restricted tier one (RT1) deal in the sterling market. The UK insurer will use the proceeds from the transaction to buy back some of its older tier two notes and optimise its capital stack under Solvency II. -
Nordea’s blowout additional tier one (AT1) offering on Tuesday took the instrument into unchartered waters in terms of pricing — beyond where some regular AT1 investors were willing to go. In covered bonds, supply-demand dynamics continue to favour issuers.
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BNP Paribas Cardif was set to become the second ever insurance company to sell tier three debt in euros on Monday, having opened books on a new €750m seven year transaction.
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Chiyu Banking Corp and Shanghai Commercial Bank hit the debt market for their debut international subordinated bonds on Tuesday, but each was met with a different response from investors.
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The Banco Popular resolution told investors how regulators and the market will treat additional tier one (AT1) bonds in times of stress. They liked the answer enough to continue buying — right up to giving Nordea a 3.5% coupon.
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Nordea smashed the record for the lowest coupon on an additional tier one (AT1) in a core currency on Tuesday, as it racked up about €6bn of demand and ratcheted in the pricing from initial price thoughts by 50bp-75bp.
