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Investors saw plenty of juice in first public AT1 from Chile as regulatory framework draws praise
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Bankers are certain that the European additional tier one (AT1) securities market will reopen in September, ahead of the European Central Bank’s Asset Quality Review (AQR), despite the volatility last week that had many in the market questioning the immediate future of the asset class. But the deals that come are likely to be from only the highest quality names, and will have to be priced carefully.
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China Construction Bank Asia (CCB Asia) pulled off a smart move this week, getting ahead of an expected September rush of deals to price its debut Basel III tier two offering on Wednesday. With large volumes of bank capital expected from Chinese banks, getting in early allowed CCB Asia to come inside a rival's curve, writes Virginia Furness. -
China Construction Bank Asia (CCB Asia) has opened guidance on its first Basel III compliant bank capital bond after meeting investors last week. CCB Asia’s parent, China Construction Bank, is also in the process of issuing a tier two bond in the domestic market.
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The secondary market for additional tier one (AT1) paper benefited from a small relief rally on Monday as geopolitical concerns eased and equities made gains, followed by an unusually quiet open on Tuesday given the high volatility of recent sessions.
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BNP Paribas is set to fill the spot left by the recent departure of Vikram Gandhi from the bank’s hybrid capital DCM team.
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Prolonged weakness in the secondary market for additional tier one (AT1) securities was whipped up to become a full on correction on Wednesday. That drove market participants to say that prospects are dwindling for issuance until after the Asset Quality Review in October, meaning borrowers will miss the glut of early autumn liquidity — one of the busiest times in the issuance calendar.
