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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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Holders of subordinated debt issued from nationalised lenders NRAM (Northern Rock Asset Management, the nationalised 'bad bank' remains of Northern Rock plc) and Bradford & Bingley tendered the majority of more than £210m in outstanding bonds for as much as 206% of the outstanding principal amount.
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Russian Standard Bank has withdrawn its proposed tier two bond update after failing to secure the consent of holders of nearly half of the bond before the December 16 deadline. The offer looked to be struggling as early as mid-December when the bank increased the late consent fee from 1% to 5% to switch to the new notes. -
Another busy year for bank capital is likely for 2015 according to syndicate bankers and analysts, with volumes for tier one and tier two debt expected to improve on last year’s record showing for bank capital.
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If you take a look at the volumes of bank capital sold in 2014 it’s hard not be impressed. Looking at volumes alone, you’d think the year had been an unqualified success. But bank treasurers should learn a few lessons ahead of January.
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Lloyds and Royal Bank of Scotland were quick to react to the results of the Bank of England’s stress tests on Tuesday, with RBS announcing plans to sell £2bn to boost its capital ratio — despite passing the tests — and Lloyds revealing its intention to call several series of enhanced capital notes (ECNs) that the BoE’s Prudential Regulatory Authority did not count as contributing towards the bank’s common equity tier one ratio.
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Next year is going to be a big one for bank capital, with supply predicted to reach as much as $375bn, or 50% more than in 2014. More supply means banks are going to need more investors — so treasury officials should then be thanking their colleagues at Rabobank, who ended the year with a bang by opening the Samurai market for tier two debt.
