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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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Swedbank on Thursday took to the dollar market to sell the first additional tier one from a Nordic bank with a conversion to equity feature.
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A slow-growing order book for Danske Bank's second ever additional tier one deal triggered speculation on Wednesday morning that falling yields for the asset class coupled with a busy pipeline could have a negative impact on demand for some AT1 deals. -
BBVA is looking to cut the cost of raising additional tier one capital on its third such transaction in two years, announcing initial price thoughts of high-6% area for a perpetual non-call five year trade in euros, compared to the 7% it paid to sell a euro perp non-call five year in February 2014.
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Deutsche Bank opened up the tier two market on Monday with a 10 year bullet transaction issued out of its opco.
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Banco Popular Español snuck into the additional tier one market to privately place the first high trigger AT1 from a periphery bank, and filling its allotted bucket for AT1 capital.
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Italy’s Servizi Assicurativi del Commercio Estero (SACE) made a last minute appearance in last week’s primary FIG market, pricing a €500m perpetual non-call 10 year subordinated bond at 25bp lower yield than where initial price thoughts were set despite uncertain secondary markets and an ostensible lack of comparables.
