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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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The European Banking Authority fired a warning shot at issuers of alternative tier one capital, making plain its distaste for structural features that could be construed as overly complex or non-standard. Dynamic triggers, regulatory calls and anything that mitigates against shareholder dilution are among the features in its sights.
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Anyone playing down the chances of a repricing of Asian high yield bonds amid the upcoming flood of Chinese additional tier one capital (AT1) transactions will be in for a shock if a recent investor survey turns out to be true. And with expectations high that AT1s will be included in global indices, the problem cannot be overlooked. -
Strong investor demand brought Helvetia back for a tap of its innovative Swiss franc hybrid on Wednesday – less than a week after the original issue.
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Crédit Agricole’s wholly owned insurance subsidiary Crédit Agricole Assurances made its subordinated debt debut this week, taking care not to cadge too much from investors who have been spooked by recent underperformance in financials sub debt.
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BNP Paribas on Monday leaped through a narrow window and avoided a souring in sentiment later in the week to sell its second tier two deal in euros this year.
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BNP Paribas took advantage of improving sentiment and strong demand from US investors to print its first dollar tier two trade since 2005, while also issuing in euros (see separate story).
