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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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A weaker credit market on Wednesday failed to dent demand for a perpetual deal from Dutch insurer Achmea, with the issuer commanding a large order book. Subordinated supply could continue tomorrow, with Italy’s SACE concluding a roadshow for a hybrid deal today. Barclays, Citi, Deutsche Bank, HSBC and UniCredit organised the roadshow for the issuer.
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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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French lender BPCE sold the second ever Basel III compliant subordinated Samurai deal on Friday, pricing a triple tranche ¥48.3bn ($409.8m) trade. The new format allowed the issuer to diversify its Japanese following, drawing in many investors which do not traditionally participate in senior unsecured transactions.
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Australia and New Zealand Bank priced the first offshore renminbi-denominated Basel III bond from a non-Chinese bank on January 21. Not only did the Australian borrower achieve the size and pricing levels it was aiming for, but it also proved that funding in CNH can be cheaper than dollars, potentially triggering more non-Chinese lenders to follow suit, writes Narae Kim. -
France’s BPCE opened order books on Monday for the second ever Basel III compliant Samurai deal, opting for a triple tranche structure. Only Rabobank has previously sold a similar trade, enjoying healthy arbitrage versus its cost of selling tier two paper in both dollars and euros.
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Rabobank’s inaugural additional tier one marked not only the first such deal from a Dutch issuer, but the first AT1 deal of the year. Though the deal was priced into a market full of uncertainty, its sturdy reception, if less ecstatic than previous trades, suggests that investors are approaching the asset class with more sobriety than in 2014.
