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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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An attractive pick-up over the parent company and a strong bid for insurance paper bode well for a subordinated deal from Société Générale's insurance subsidiary Sogecap on Tuesday, according to bankers away from the deal. A successful print from Sogecap will be encouraging for issuers like La Mondiale and Intesa Sanpaolo Vita, which are both expected to sell sub debt of their own in the near future.
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Industrial and Commercial Bank of China (ICBC) took plenty of plaudits last week, with a unique triple currency additional tier one (AT1) transaction that included a record-breaking offshore renminbi tranche. While some say that the trade was a testament to the depth of the CNH market, that is an argument too far. This was anything but a conventional trade. -
An already busy pipeline for subordinated debt from insurers grew on Monday as the UK’s Esure announced plans to issue a sterling deal to finance an acquisition, while Luxembourg’s La Mondiale announced the minimum spread for its new perpetual euro notes, expected to be priced later this week.
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Russian Standard Bank is hoping to take a short cut to Basel III — using a consent solicitation to add write-down language to its old tier two debt. For investors worried about getting caught on the wrong side of the vote, RSB's proposal looks aggressive. But the function of bank capital is to protect the bank, not to simply reward investors without risk.
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The recently quiet subordinated market — excepting Industrial and Commercial Bank of China's thunderous additional tier one (see Asia section) — saw a bit of action this week as UK challenger bank Aldermore privately placed a small additional tier one deal and Société Générale’s insurance subsidiary announced a roadshow for a perpetual bond.
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The European Union’s insurance companies are particularly vulnerable to a prolonged low interest rate environment like the one seen in Japan in recent years, according to the results of a stress test of EU insurers by the European Insurance and Occupational Pensions Authority.
