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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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BNP Paribas’s debut additional tier one (AT1) deal caused an argument between rival FIG syndicates on Wednesday. Some hailed the maturity of the asset class in a tough market while others questioned what they saw as aggressive pricing. -
French bank Group BPCE has priced a S$150m ($111m) tier two offering. The deal marks BPCE’s debut in the Singapore dollar market.
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The Co-operative Bank has mandated banks for its first public unsecured deal since its near collapse in 2013. The deal is an important step for the bank’s capital market’s rehabilitation but bankers are questioning whether the market is right for it.
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LBBW chose euros over dollars for its tier two trade on Tuesday, but demand for the deal was slow to show itself as investors retain the upper hand in an oversupplied market.
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The transaction that was supposed to open up the additional tier one market in South Korea ended up having the opposite effect last week as Woori Bank’s penny-pinching led to a heavy sell-off in secondary. Woori is unlikely to be damaged by the incident, but it needs to recognise that its actions have consequences for the rest of the market.
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The financial institutions capital market has sparked into life, with two Swiss issuers hitting a cautious euro market on Monday as two banks prep debut additional tier one (AT1) bonds.
