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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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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 perpetual bond on Wednesday. The bond priced flat to the borrower’s existing Basel II compliant note. However, bankers away from the deal said that it looked to have struggled throughout the execution process.
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Orders piled in on Tuesday and Wednesday for HSBC's first additional tier one (AT1) deal, a triple tranche trade denominated in dollars and euros. Bankers away from the deal, set to be priced on Wednesday afternoon, said the success of the deal was a positive sign for upcoming prints from Crédit Agricole and Nordea.
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Emirates NBD announced on Tuesday a new tier one perpetual offering. However, the bond will not be Basel III compliant and therefore will not have a point of non-viability (PONV) feature.
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Société Générale followed up Monday’s rush of subordinated deals with a self led euro benchmark 12 year non-call seven year tier two deal and initial price thoughts offered a chunky new issue premium.
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HSBC has decided on a structure for the euro denominated portion of its upcoming debut additional tier one (AT1) deal. It is weighing its options on the dollar portion, according to two investors.