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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 US FIG market returned to normality after the deluge of the previous week’s supply subsided.
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Less than a week after mounting concerns that investors were turning away from additional tier one debt, HSBC’s standout trade on Wednesday showed that AT1, a crucial element of banks’ post-crisis capital structures, was firmly back in play. With $30bn of demand across the UK bank’s euro and dollar tranches, the stage is set for more lenders to issue the product, writes Nathan Collins. -
Allianz continued a strong run of deals for insurers on Thursday, drawing a large order book for a perpetual trade. Attractive levels compared to bank bonds are driving the trades, according to syndicate managers.
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Emirates NBD sold a $500m tier one perpetual non-call six bond on Wednesday. It was priced flat to the borrower’s existing Basel II compliant note but bankers away from the deal said that it looked to have struggled throughout the execution process.
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Crédit Agricole is set to price its third additional tier one deal on Thursday afternoon. The print, the issuer's second in dollars, has drawn a granular order book, despite offering little premium over the issuer's outstanding debt.
