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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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Nordea burst into the additional tier one market on Tuesday with its debut deal, a dual tranche dollar print. The issuer was able to draw a multiple times subscribed order book despite securing the lowest coupon yet in the format. -
Nordea is set to sell its debut additional tier one print on Tuesday afternoon, just the second deal in the format to carry a pair of investment grade ratings. While some bankers away from the trade have suggested the deal came with overly generous initial price thoughts, the level is expected to tighten on Tuesday afternoon.
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Nordea and Dutch insurance company Atradius are expected to hit the market on Tuesday, providing supply in what could be an otherwise quiet week for financial issuance. Many issuers are already well funded for the year and the potential volatility from a Federal Reserve meeting on Wednesday and the Scottish independence vote on Thursday is likely to keep borrowers out of the primary market, according to syndicate managers.
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Hong Kong’s Chong Hing Bank will be meeting investors this week for a proposed additional tier one (AT1) bank capital issue. If successful, the deal would be not only Asia’s second dollar Basel III AT1 transaction but also the borrower’s first international issue in almost four years.
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