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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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Ping An Bank is to price an offer of up to Rmb9bn ($1.46bn) of tier two Basel III compliant bonds on Thursday March 6, in what will be the third — and biggest — Basel III deal in China so far. Ping An has a total Basel III quota of Rmb15bn. -
European bank debt did not escape a general pullback from risk positions on Monday as the political future of Ukraine remained mired in uncertainty. Those with exposure to the country were hit hardest but the broader market was also weak in cash terms.
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Pent-up demand for additional tier one debt should ensure a warm reception next week for planned deals from Santander and Danske Bank. Both banks are planning to sell euro-denominated AT1 debt after roadshowing their deals early next week, and investors are primed to gobble the paper down.
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Germany’s Aareal Bank is looking to tap domestic and Germanic demand for its first publicly sold tier two deal, with a roadshow starting next Monday.
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Issuance of European subordinated FIG debt hit its highest year-to-date level since 2007 this week, as tier two debt wrested the limelight back from senior unsecured with a small but solid deal from Swedbank and a €5bn book for ING.
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Investors piled into ING’s issuance of tier two debt on Tuesday, with lead managers building a €5bn book for the €1.5bn deal. But despite a strong pipeline building in additional tier one, tier two debt is not expected to be quite as busy.
