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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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Bank of China started soft sounding investors for the deal as early as July, approaching only selected sovereign wealth funds, large Asian investors and private banks. Yield talk then was 6%-7%, although that was narrowed to 6.5%-7% when the roadshow was announced. -
Bank of China’s inaugural additional tier one (AT1) smashed records on Wednesday as the $6.5bn deal became the largest bank capital bond in the global market. But a lack of transparency left $4bn of allocations unaccounted for and drew criticism from bankers on the deal, write Virginia Furness and Rev Hui.
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Asian insurers are making their presence felt in the international debt market after Korean Reinsurance (Korean Re) became the fourth name to issue a bond in six weeks. While market participants are quick to point out that the deals are unrelated, they predict more is coming from the sector as Asia makes the step up to Solvency II, write Virginia Furness and Rev Hui.
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After opening flat to slightly better on Thursday morning, the additional tier one market fell by as much as three points as growing concerns over the fate of the global economy took its toll.
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Society of Lloyd’s wrested investors' attention away from the geopolitical woes and equity market travails on Wednesday, mandating banks for a roadshow ahead of what would be its first capital markets appearance in more than seven years.
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Bank of China is well on course to reach its $6.5bn target with books in excess of $18bn at the last update for its additional tier one bond on Wednesday. The bank has opted to stick to dollars after dropping a euro tranche, though bankers are offering different reasons for why.
