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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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Investors jumped on the opportunity to pick up exposure to rare insurance company subordinated debt, as Coface’s €380m 10 year bullet bond was prepped to price inside of comparables on Wednesday.
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ANZ became the first Australian bank to print an offshore Basel III-compliant bond when it priced an $800m tier two bullet this week. -
Over €10bn of orders proved inadequate insurance against a shift in sentiment this week as the tightest additional tier one debt deal yet — KBC Group’s €1.43bn perpetual non-call five — widened in secondary trading. The pullback followed the deal emerging even further inside 6% than its landmark predecessor.
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The additional tier one debt market got its first taste of investor pullback as KBC Group’s €1.43bn perpetual non-call five year transaction traded wider than it where it was priced on Thursday morning.
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The tier two market sprung back to life this week, with veteran credit BNP Paribas pulling in as big an order book as the market has come to expect. But at the other end of the spectrum, German real estate lender Aareal Bank pulled in a smaller but equally impressive amount of orders for its debut tier two benchmark, with international investors piling in on top of the issuer’s domestic fan base.
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Asia’s Basel III activity burst into life this week as UOB and ANZ both priced the first US dollar deals from their respective countries and Mizuho hit the road for what will be Japan’s first bank capital deal under the new rules.
