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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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ICBC Macau provided investors with a now rare form of bank capital on September 3 when it launched a subordinated bond. As Macau does not follow Basel guidelines, the bond is not subject to Basel III regulation. -
UniCredit looks set to confirm that a sea change is afoot in the additional tier one (AT1) market, as it prepares to print its first euro denominated deal in the format in line with initial price thoughts and with what is likely to be a book smaller than €2bn.
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Industrial and Commercial Bank of China (Macau) opened guidance on subordinator bond issue on September 3. As Macau does not follow Basel guidelines, the bond will not be subject to Basel III regulation.
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Santander is out with the first additional tier one (AT1) trade from a major European bank since June, bringing just a €3.75bn book ahead of pricing for a perpetual non-call seven year deal — suggesting that the demand dynamics of the asset class may have changed since the first half of the year.
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The additional tier one deal pipeline may have shuddered back into life earlier than expected this week as two banks announced roadshows following a rally inspired by inspired by dovish comments from European Central Bank president Mario Draghi. But volatility has since set back into the market and looks ready to test the asset class’s hardiness, writes Graham Bippart.
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Bank of China has held a beauty parade for its inaugural Basel III compliant tier two offering this week and is understood to have mandated three banks for the offering.
