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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
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Aareal Bank, whose plans to repay a loan to the German government by raising additional tier one capital were derailed by capital markets volatility in July and September, is hoping the third time is the charm as it announced a €300 million perpetual non-call five year AT1 on Thursday morning. -
CNP Assurances benefited from a lack of insurance supply when selling a perpetual tier two deal on Wednesday, setting the stage for other insurers to tap the market over the coming week.
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SEB got the additional tier one market back on to a strong footing on Thursday, selling the first AT1 from a European bank for almost two months to a rapturous reception. National Australia Bank was also active in the subordinated market, overcoming concerns over a novel structure to sell the first Basel III-compliant tier two deal from an Australian issuer in euros.
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Generali is to buy back three series of outstanding perpetual bonds alongside the issuance of a new perpetual tier two deal. The transaction will be the second liability management exercise of November, following an exchange completed by Axa on Thursday, as insurers look to fine tune their capital structures ahead of Solvency II.
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SEB re-opened the AT1 market on Thursday after an almost two month hiatus in supply for the asset class. While the market was hit with severe volatility in October, SEB’s high credit quality allowed the issuer.
