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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 applied the bank recovery and resolution directive (BRRD) for the first time on Wednesday, placing Spain’s Banco Popular into resolution and approving its sale to Santander. The regulatory process, in which additional tier one (AT1) and tier two bonds were wiped out, has far ranging implications for all market participants working on financial debt. -
European regulators applied the bank resolution and recovery directive (BRRD) for the first time this week, giving investors plenty of food for thought in an otherwise quiet period for the FIG market.
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European banks have already made stellar progress in working through their issuance programmes in 2017, shifting emphasis on to those with shortfalls or ‘strategic trades’ left to complete.
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FIG market participants expect public holidays, a European Central Bank meeting and an election in the UK to restrict supply in the market this week, with the UK vote giving some bankers a late scare.
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Banco Popular’s additional tier one (AT1) instruments took another beating on Monday, but the FIG sector has taken courage from the market’s ‘mature’ reaction to the Spanish firm’s evolving problems.
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HSBC Holdings stormed into the Singapore dollar bank capital market on June 1 with a S$1bn ($722m) additional tier one that notched up a number of firsts, as the issuer took advantage of the liquidity and stability of the currency.
