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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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Holders of Banco Espírito Santo’s tier two subordinated debt are “in most cases” likely to be repaid, according to researchers at Société Générale. -
Even as geopolitical risks caused spikes in volatility and many in the European FIG market headed off on holiday, Virgin Money Holdings opportunistically placed a £160m perpetual non-call five year additional tier one (AT1) deal, bringing in an oversubscribed book and highlighting that issuers can still tap the market at attractive levels.
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Troubled Portuguese lender Banco Espírito Santo looks to be taking the first steps on the path to rehabilitation, with subordinated debt prices recovering as investors reacted well to news of asset disposals and an influx of private sector money. Across the sector, FIG issuance is expected to remain muted, however, with borrowers well funded, and issuers investors alike wary of heightened geopolitical risk.
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Bank of China is considering issuing a dual currency euro-dollar trade that would be structured as preferred shares.
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Chinese banks are looking to raise up to $100bn in additional tier one (AT1) capital and with Bank of China talking to investors this week, it looks like the floodgates are about to open. But with such enormous volumes needed, bankers are waiting to see who will make the first move and in what market, writes Virginia Furness.
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Troubled Portuguese lender Banco Espírito Santo looks to be taking the first steps on the path to rehabilitation, with subordinated debt prices recovering as investors reacted well to news of asset disposals and an influx of private sector money. FIG issuance is expected to remain muted, however, with borrowers well funded, and issuers investors alike wary of geopolitical risk.
