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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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Deutsche Bank is at real risk of failing to pay coupons on its additional tier one instruments, as a potential $14bn US RMBS settlement threatens to erase the bank's available distributable items (ADIs). Outstanding DB AT1 securities reacted accordingly last Friday, shooting nearly 200bp wider. -
With additional tier one (AT1) issuance volumes at record lows, yield-strapped investors are so thirsty for new paper that cash prices have remained steady throughout the week’s volatility.
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Swiss Life brought a perpetual subordinated deal to the euro market on Thursday, finding little trouble in the primary market despite the week’s cautious tone ahead of next week’s Federal Reserve meeting.
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State Bank of India (SBI) succeeded in pricing the first offshore Basel III additional tier one (AT1) offering from an Indian name this week, but a bullish pricing strategy meant orders were muted and it has struggled in secondary. Despite the glitches, many believe the deal has set an important benchmark, writes Addison Gong.
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The Bank of Italy announced it would soften application of the capital conservation buffer (CCB) in line with most other European countries, but the move is not expected to relieve any pressure on additional tier one coupon payments.
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The yen market, for so long held back by an in-built caution as well as unfavourable swap rates, is rapidly re-establishing itself as crucial source of capital for some of the world’s biggest banks.
