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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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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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China Construction Bank (CCB) priced what was only the second ever tier two bank capital transaction to be issued in offshore renminbi (CNH) this week. The November 5 trade proved to be a hit with investors, even though they had trouble finding comparables for it. -
Chinese banks issued $5.7bn of debt on Wednesday and Bank of China (BoC), never one to take a back seat, stole the show with a $3bn bullet Basel III-compliant tier two offering. The enormous demand suggested that investors just cannot get enough of Chinese bank capital, and by venturing into the 144A market the bank has set a strong benchmark to help the pricing of remaining supply, writes Virginia Furness.
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National Australia Bank is set to sell the first Basel III-compliant tier two capital issue from an Australian bank in euros on Wednesday.
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Bond investors have plenty of choices of which Chinese bank to put their money into after China Construction Bank (CCB) joined two of its peers in opening books on November 5.
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Bank of China is well underway with its debut Basel III compliant tier two, opting for a single dollar bullet. The deal follows in quick succession the bank’s $6.5bn additional tier one (AT1) preference shares which it sold on October 15.
