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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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Woori Bank this week became the first non-Chinese bank to print an additional tier one (AT1) bond in Asia ex-Japan. The Korean lender was able to achieve the lowest coupon globally for an AT1 deal but sparked criticism that it was too aggressive with pricing and risked shutting the bank capital pipeline from the country, writes Narae Kim.
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Santander UK will look to build out its holdco curve in both tier two and senior unsecured as early as the autumn, after impressing with its debut additional tier one bond this week.
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Korea’s financial regulator will select the country’s first domestic systematically important banks (D-SIBs) later this year as it announces the timetable for implementing regulations that will require lenders to hold a higher level of capital.
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Santander UK’s debut additional tier one (AT1) impressed on Wednesday, drawing £5bn of demand and lending confidence to a string of issuers looking to print before the summer amid tricky conditions.
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Woori Bank is well underway with what will be the first Basel III additional tier one (AT1) from a non-Chinese bank in Asia ex-Japan. Bankers on the deal officially launched bookbuilding with price guidance on June 3, having collected feedback from investors the previous day on fair value and the best comps.
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Capital issuers are caught between a rock and a hard place, with a “bucket load” of supply waiting in the wings and each premium-laden trade widening the market for others, said bankers on Tuesday.