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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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European authorities tested the bank recovery and resolution directive (BRRD) for the first time this week, placing Spain’s Banco Popular into resolution and approving its sale to Santander. The regulatory process, in which subordinated debt was wiped out, has far ranging implications for all market participants working on financial debt, write Tyler Davies, Jasper Cox and Aidan Gregory. -
When regulators stepped in and resolved Spain’s Banco Popular this week it was the first time investors had suffered any sort of coupon or principal loss on a Basel III complaint additional tier one (AT1) bond.
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The resolution and sale of Spain's Banco Popular showed one way in which regulators can deal with a failing bank, but it may prove more difficult to find a solution for struggling banks in Italy.
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The European Banking Authority (EBA) has factored the impact of the International Financial Reporting Standard (IFRS 9) into its draft methodology for the 2018 stress test, as market participants debate the effectiveness of stress testing following the resolution of Spain’s Banco Popular.
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Hong Kong’s FWD Group and AMTD Group Company have started taking orders for their respective unrated perpetual bonds. The former is seeking a zero coupon subordinated deal, while the latter is marketing a senior transaction — its second international offering.
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Swedbank listed a new programme on the Tokyo Pro-Bond market on Wednesday, as the Swedish bank looks to dip its toes into ever more attractive yen funding.
