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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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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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Deutsche Bank acted as sole bookrunner on an additional tier one deal from UK challenger bank Aldermore. -
Promsvyazbank has repurchased just under 20% of its old style tier two 10.2% 2019s at market price. Analysts said this was a positive sign that the bank has liquidity and is comfortably capitalised.
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QBE Insurance braved it alone in the subordinated market this week as it became the second Australian financial to tap the dollar market for a tier two bond that would convert to equity or write down upon point of non-viability (PNV).
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Russian Standard Bank (RSB) is taking an innovative approach to buffering its capital ratios. Its is asking bondholders to approve a restructuring of its old style 10.75% subordinated 2018s which would make them Basel III compliant. Analysts are unsure whether investors will accept the offer.
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Bond investors are bracing themselves for what is widely seen as the last blockbuster trade of the year, with Industrial and Commercial Bank of China (ICBC) on the road for a $5.7bn additional tier one (AT1) deal. ICBC's deal, while slightly smaller than Bank of China's recent $6.5bn AT1, is nonetheless set to steal the spotlight through its triple-currency structure that includes a record-breaking offshore renminbi portion, writes Rev Hui.
