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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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Svenska Handelsbanken made its additional tier one debut on Wednesday, leveraging its solid reputation and high ratings to draw a large order book at a historically low yield.
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The failure of Monday’s Eurogroup meeting to reach agreement with Greece did nothing to derail FIG markets, though supply has been limited compared to recent weeks.
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The FIG market quickly recovered its composure on Tuesday morning, following a brief wobble as it digested the Greek government's failure to cut a deal with its creditors at Monday’s Eurogroup meeting. -
The bank capital market enjoyed a constructive start to the week on Monday with UBS’s recent additional tier one (AT1) capital deal, sold on Friday, trading up in the secondary market. A stable secondary performance from other recent trades was an encouragement to issuers, with at least two trades expected to hit screens over the course of this week.
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UBS added to a hectic week of AT1 issuance on Friday, making its debut in the format with a triple tranche deal denominated in dollars and euros. The Swiss bank is the first issuer to sell low and high trigger AT1 notes as part of the same transaction and is also the first Swiss issuer to sell a high trigger instrument in dollars.
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With up to $50bn of additional tier one deals expected to hit the bond markets this year, bank funding teams are praying that this evolving but crucial asset class can settle down and help them meet their capital needs.
