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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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The Swedish regulator has given its banks enough clarity to issue CRD IV compliant additional tier one (AT1) instruments, according to Nordea chief financial officer Torsten Hagen Jorgensen, which is ready to issue its first deal. But not all Swedish banks are apparently in the know, as talks have been largely bilateral, and certain capital requirements may be tailored differently to each bank.
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Banco Espírito de Santo’s subordinated debt took a further hammering at the start of the week, with the bank’s 7.125% November 2023 tier two bonds dropping from an 87 cash price on Friday to 76.8 Monday morning, before falling further to 72.122 by late morning. The bond was trading to yield 16.546% at 11.20am London time on Tuesday. -
IDBI Bank is meeting investors for what would be India’s first international offering under Basel III regulation, opening to door to further issues from the country's lenders.
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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 on Friday in which the FPC also said it could consider completely barring banks from using AT1 in the leverage ratio calculation.
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Banco Popular Español postponed a sale of its second additional tier one (AT1) deal after launching the deal into a sell-off in the AT1 market that became progressively worse over the course of the morning. The Spanish bank was looking to issue the transaction at a level market participants said was surprisingly aggressive.
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Dutch insurer NN Group followed up a successful flotation — at $2.1bn, the largest IPO from a European entity this year — with a perpetual subordinated deal on Tuesday. Some bankers away from the deal were critical of it for failing to draw as large an order book as the issuer’s last offering.
