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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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Impairments that may have to be made by Austria’s Raiffeisen Bank International to its Russian exposure could affect the entire Austrian banking industry, according to analysts at Berenberg.
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Banco Popular Espanol snuck into the additional tier one market to price the first high trigger AT1 from a periphery bank, and filling its allotted bucket for AT1 capital. -
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Achmea shrugged off a weak credit market on Wednesday to draw a bumper book for its first subordinated deal since 2013, pricing a perpetual deal with a skinny new issue premium. However, the Dutch insurer’s success was insufficient to lure other issuers to sell capital trades of their own later in the week.
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Vakifbank priced the first ever Basel III compliant tier two bond on Monday, a $500m 10 year non-call five. But though bankers estimated that the bond paid around 115bp-116bp over its old style tier two bullet 2022s, they said it was difficult to strip out the cost of the addition of point of non-viability features.
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Hong Kong has published its second consultation paper (CP2) on a resolution regime for financial institutions, as it readies itself for a new set of capital requirements – Total Loss Absorbing Capacity (TLAC). Market participants expect bond volumes to go up as banks prepare for the new regime, although for that to happen, the government will need to come up with answers to some tough questions, writes Rev Hui.
