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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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Syndicate bankers warned on Tuesday that a bulging tier two pipeline means issuers will need to be pragmatic on the premium they are willing to offer investors. While BNP Paribas Cardiff and Belgium’s KBC were able to sell solid prints on Tuesday, the amount of supply expected in the asset class could give investors a strong bargaining position in the coming weeks.
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Deutsche Bank announced its return to the additional tier one (AT1) market on Monday evening, releasing initial price thoughts for an SEC registered dollar print. Updates on the deal’s progress have been thin on the ground, while syndicate bankers away from the print have clashed on the amount of premium on offer.
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Tier two supply is set to be heavy this week, as KBC and Veneto Banca mandated for tier two prints on Monday. While subordinated debt, including Aareal Banks' recent additional tier one (AT1) print, was trading down on Monday syndicate managers expect the market to make a quick recovery.
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A flood of financial institution bond issuance this week concluded on Friday with a brace of tier two deals, from Standard Chartered and Italy’s Generali.
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Bank of East Asia raised $500m in its first Basel III deal, managing to attract a huge order book which allowed bankers to tighten guidance by 30bp. -
Sterling investors got a rare treat on Thursday from Yorkshire Building Society, which re-entered the tier two market for the first time in years, building a four times oversubscribed book.
