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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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When warning your bondholders isn’t enough to alert them to a risk, what else can be done?
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Insurance capital is finding unexpected favour even as most other European debt markets are stopped in their tracks. With insurers rushing to take in fresh subordinated debt ahead of new EU regulations next month, and investors increasingly receptive to higher yielding instruments from a less volatile sector than banks, more than €2.3bn ($2.85bn) of deals emerged this week. And as Nathan Collins and Graham Bippart report, more could emerge in the coming days. -
Germany’s DekaBank has quietly replaced a silent participation that was not compliant with Basel III capital rules with a new issue €473.6m additional tier one that would be written down if the bank’s common equity tier one ratio falls below 5.125%.
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La Mondiale became the third insurer to sell perpetual sub debt this week on Thursday, hitting its minimum spread target for a non-call 11 year deal despite choppy market conditions.
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Austria's Erste Group Bank followed through on a warning it issued to investors earlier this year when it announced on Tuesday that it would not be paying coupons on its outstanding upper tier two and tier one instruments.
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Intesa Sanpaolo Vita continued the flow of insurance capital trades on Wednesday, hitting the market to sell its second ever deal. A generous new issue premium allowed the issuer to overcome a volatile market and the recent downgrade of the Italian sovereign to draw a hefty order book.
