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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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Italian insurance company UnipolSai is set to sell an oversubscribed perpetual non-call 10 tier one deal on Wednesday at a level reflecting the new reality for subordinated debt in the wake of the European Central Bank's easing programme, announced last Thursday. The issuer is the first financial credit to sell subordinated bonds so far this week, but bankers expect more to follow in its footsteps. -
Syndicate bankers expect a spree of FIG issuance beginning Tuesday, particularly in the senior market, as issuers look to take advantage of a rally in spreads triggered by Thursday’s European Central Bank meeting, at which its president, Mario Draghi announced rate cuts and other measures designed to stimulate economic growth. Public holidays across Europe have kept primary activity muted on Monday, but secondary spreads have rallied in suggesting the market is ripe for supply.
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Oversea-Chinese Banking Corporation has mandated banks to arrange a series of meetings with investors to discuss a new Basel III tier two offering, the bank’s second this year. But this time the borrower is firmly targeting investors outside Asia.
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Irish credits’ appeal in the vanguard of the European recovery was underscored this week as Bank of Ireland attracted more than €5bn of orders for a new subordinated debt issue. The country’s first euro benchmark tier two since the crisis, the 10 year non-call five offering smashed through the lender’s previous pricing — and may well rank as the tightest Irish bank deal of its type, according to bankers.
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JP Morgan and Fifth Third Bancorp exploited soaring demand for high-grade paper in the US this week as they printed preferred share deals at low coupons.
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