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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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Italy’s UniCredit is about to become the first bank to sell an additional tier one deal since KBC Group’s transaction pushed market boundaries two weeks ago. UniCredit's deal also follows a period of repricing during which investors have pushed back on yields. -
The CSRC has just announced rules that will allow top tier Chinese companies to issue preference shares. While more clarification is needed, those banks most in need of capital should get ready to launch, as Basel III related supply is likely to far outweigh demand, write Clare Hammond and Rev Hui.
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Capital raising by Japanese banks has burst into life over the past week as the first two lenders to raise Basel III debt made their tier two debuts. And thanks to Japan's favourable point of non-viability (PONV) regime, the pair managed to secure blink-and-you’ll-miss-it premiums over legacy bonds.
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Société Générale has postponed its planned additional tier one capital issue after becoming aware of an imminent report from Fitch that could affect investors' view of its credit.
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Sumitomo Mitsui Financial Group printed the second US dollar Basel III tier two offering from a Japanese bank on Wednesday night. With most of the price discovery carried out by its predecessor Mizuho, the issuer was able to execute the deal in a brisk fashion.
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The Hong Kong Monetary Authority is asking banks to review and improve their procedures for selling high yield bonds after recent onsite inspections identified a number of cases where its guidelines were not being met.
