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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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Bond investors are facing yet another blockbuster bank capital deal just a month after Bank of China’s $6.5bn additional tier one (AT1) with Industrial and Commercial Bank of China (ICBC) set to launch its own trade later this week. While ICBC is likely to lose out in size, it is planning to steal the spotlight by executing a triple-currency transaction including a record beating offshore renminbi offering. -
QBE Insurance is set to become 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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Belgium’s KBC Bank and BNP Paribas Cardif — an insurance subsidiary of the French bank — navigated a tricky sub debt market this week, selling oversubscribed tier two bonds while recent issues traded down and other new issues floundered.
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Turbulence hit a subordinated debt market that seemed to be about to hit its stride this week, as deals from Deutsche Bank and Erste Group slumped in the secondary market straight after sale.
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Martin Taylor, an external member of the Bank of England’s Financial Policy Committee, on Wednesday night delivered a broadside attacking the additional tier one market as it exists today, in a speech to the Oliver Wyman Institute.
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Erste Bank added to a recent rush of tier two supply on Wednesday, selling a callable dollar print. Despite offering what bankers away from the deal judged to be a fair value the issuer ultimately priced at the wide end of its guidance range.
