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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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The difference in trading levels between well capitalised and thinly capitalised banks could increase following Banco Popular’s resolution, making it more difficult for some banks to access the market for subordinated debt. -
UniCredit was looking to extend its global reach with a new dollar tier two on Monday, following last week’s ‘big shock’ for the market when all of Banco Popular’s tier two debt was effectively written down.
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Market participants were unfazed by the hung parliament result in the UK election on Friday morning.
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FWD Group raised $500m from a rare zero coupon subordinated perpetual non call five on Thursday, which bankers said works for the Richard Li backed company but is unlikely to catch on with other issuers.
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Banco Popular’s tier two bondholders were ‘zeroed’ when the bank was resolved this week, joining the Spanish firm’s additional tier one (AT1) investors in losing all of their money. But Popular’s resolution does not necessarily spell the end for the distinction between ‘going’ and ‘gone’ concern capital.
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