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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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HSBC drummed up nearly $10bn in orders for a dollar denominated additional tier one (AT1) deal on Tuesday, as the asset class continued its steady recovery after a difficult first quarter. -
Additional tier one debt is firmly back on the table for European banks this week, with HSBC and Erste Bank both launching new issues in a busy week for FIG supply.
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Moody’s cut Deutsche Bank’s debt rating to two notches above junk on Monday, as the German bank continues to fall foul of negative sentiment around its costly restructuring.
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Scor added a tightly priced subordinated deal to the growing number of insurance trades in recent weeks, although some analysts fear the borrower's spreads are set to deteriorate.
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Erste Bank, the Austrian lender that failed to pay a coupon on legacy tier one debt just 18 months ago, this week mandated leads for an inaugural additional tier one transaction that could be one of the juiciest trades ever to hit the market.
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In the latest signs of ill health among banks, which have experienced a rough ride in capital markets this year, UBS analysts on Tuesday named BBVA, Svenska Handelsbanken and Standard Chartered as their least preferred names in a sector that is now cheaper than every other, apart from autos, after a damaging earnings season.
