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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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Bank of China is preparing to issue its first Basel III issue and has been sounding out investors for what would be the first additional tier one (AT1) from one of the big four Chinese banks. The borrower is considering issuing a dual currency euro-dollar trade that would be structured as preferred shares. -
Admiral Group made its debut in the bond markets on Friday as it priced a £200m 10 year tier two deal in a move to introduce leverage into the insurance firm’s capital structure and move toward Solvency II compliance.
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European authorities are growing more concerned about the quality of additional tier one instruments as regulatory capital, with the Bank of England saying it may bar AT1 from counting towards banks’ leverage ratios and Sweden’s regulator looking set to break with market precedent by effectively requiring its banks to issue trigger levels as high as 8%, writes Graham Bippart.
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IDBI Bank is meeting investors to discuss a possible capital bond in a move that has brought Basel III issuance from India into the limelight again. Bankers expect the deal to be an additional tier one (AT1) as Indian banks look to meet tier one ratio requirements ahead of a 2015 deadline, writes Virginia Furness.
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The Swedish regulator has given the country's banks enough clarity to issue CRD IV compliant additional tier one instruments, according to Nordea CFO Torsten Hagen Jorgensen.
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The Bank of England’s Financial Policy Committee said additional tier one (AT1) debt may be an "inappropriate" means of meeting leverage ratio requirements, in a paper published last Friday. The FPC said it might also consider completely barring banks from using AT1 in the leverage ratio calculation.
