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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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Deutsche Bank survived widespread confusion during the execution of its additional tier one debut this week to draw a vast order book of €25bn. Investors and syndicate bankers alike were baffled by the bank’s decision to launch the deal a day after the announcement of a surprise capital raise on Sunday, write Andrew Griffin and Nathan Collins. -
SEB will sell sub debt on Thursday afternoon, drawing good demand for a tier two deal despite offering aggressive pricing. The Scandinavian bank will be joined by French insurance company Groupama which is exchanging perpetual sub debt for new paper.
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Profit taking has taken a toll on the periphery this week, but even as Italy’s government bonds continued to take a beating on Wednesday and the market for subordinated FIG debt softened, Italian insurer Poste Vita took to the market with a tier two capital transaction at a level that showed investors are still receptive to new deals.
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Julius Baer, the Swiss private bank, sold its second ever AT1 deal on Tuesday afternoon. The issuer was able to price an oversubscribed trade at the tight end of guidance as Swiss and Asian investors seized on the deal's attractive coupon.
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Deutsche Bank will price the first additional tier one capital deal from a German bank on Tuesday afternoon, drawing a bumper book for the triple-tranche deal. The announcement of a rights issue by the bank on Sunday will have helped whet investors’ appetite for the deal, according to syndicate officials, though some have also queried the timing of the announcement.
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Deutsche Bank will sell the first additional tier one bond from a German bank this week, following its announcement of a rights issue on Monday morning. The timing of the capital increase — suggested by some market sources as being an important step to reassure potential AT1 investors about the strength of the bank’s capital ratios — is expected to cut the cost of the AT1 issuance.
