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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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Bailed out Portuguese lender Banco Espírito Santo’s subordinated creditors look likely to come away from its state rescue with little to none of their investment intact. Credit analysts predict that the balance sheet of the rump bank left after the state rescue indicates BES is unlikely to have sufficient assets to meet its obligations.
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The International Swaps and Derivatives Association on Wednesday delayed its ruling on whether $900m of credit default swaps relating to Banco Espírito Santo would transfer to the newly created Novo Banco, or remain in the rump bad bank. While chances of recovery of sub debt investments seem slim, BES’s creditors may be able to take some solace from the apparent transfer of loans to BES Angola to bridge bank Banco Novo.
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China’s biggest banks have ramped up their capital raising activities, targeting investors both on and offshore. Yet while their biggest need is for additional tier one (AT1), lenders are starting with tier two securities in a bid to aid price discovery, write Virginia Furness and Isabella Zhong. -
China Construction Bank Asia is meeting investors for what could be the lender’s first ever Basel III compliant bank capital transaction.
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The beating investors are giving the market for additional tier one (AT1) securities became more intense on Wednesday, as global risk aversion added fuel to other downward pressures on AT1 prices.
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China Construction Bank Asia will be meeting investors this week for what could be the lender’s first ever Basel III compliant bank capital transaction.
