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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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UOB made a strong come back into the Singapore dollar market on May 14, pricing a Basel III compliant tier two bond just two months after tapping the dollar market for capital. Demand from Singaporean investors for the UOB brand, as well as increasing familiarity with the new tier II format meant that the issuer was able to price with no PONV premium. -
French insurance firm Axa is looking to sell a rare perpetual non-call note, taking in a blowout book despite the heft of subordinated financials debt seen this week.
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Five FIG issuers took to the subordinated markets to take advantage of months of undersupply this week, with the results highlighting not just the feverish grab for yield but also just how far banks have come since the crisis of 2008 in building their capital levels.
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Rabobank and Banque Fédérative du Crédit Mutuel are taking full advantage of one of the best windows for subordinated issuance so far this year to print €4.2bn equivalent in tier two capital across three deals, as total European FIG issuance this week surpasses the €10bn mark.
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UOB has opened guidance on its second Basel III compliant tier two offering of the year though this time has opted for Singapore dollars. The trade will be the first new style tier two bond in the currency.
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Bankia is looking to push Spain’s recovery story another step forward, taking to the subordinated tier two market to raise loss absorbing capital as the bank nears the two year anniversary of its bailout by the Spanish government.
