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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 has been hit with fresh bad news, as Angolan authorities announced they would no longer guarantee the loan book of BES’s subsidiary in the country. Meanwhile, buyers of credit default swaps (CDS) on BES’s sub paper are expected to be told that the protection contracts are worthless due to the nature of the breakup of the bank. -
China’s big four banks have finally started issuing Basel III debt in size onshore in what is expected to be a huge supply of deals. Bank of China and Industrial and Commercial Bank of China are first put of the blocks and could soon be heading offshore as well.
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The Bank of Portugal’s surprise decision to bail-out Banco Espírito Santo, splitting it into a good and bad bank with senior debt spun into the former and subordinated debt left with the latter, immediately caused sub debt to plummet by more than 10 points on Monday morning, while seniors leapt the other direction.
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Banco Espírito Santo’s subordinated bonds sank to new lows on Thursday after the bank posted losses far worse than expected after close of business on Wednesday night.
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Even as geopolitics caused volatility, and many in the European FIG market took their summer holidays, Virgin Money Holdings took the opportunity to sell a £160m perpetual non-call five year additional tier one deal, bringing in an oversubscribed book and highlighting that issuers can still tap the market at attractive levels.
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Banco Espírito Santo’s subordinated bonds sank to new lows after the bank posted worst case scenario losses after close of business on Wednesday night.
