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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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Barclays came to the US market with its first senior offering in dollars in two years this week, as investors continued to show strong demand for short end paper from financial institutions.
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An unwelcome spotlight on the Austrian banking sector didn’t stop Raiffeisen Bank International from shaving 20bp off the initial pricing thoughts for its €500m 11 year non-call six tier two deal on Thursday. -
Real money accounts proved their increasing dedication to the additional tier one market, buying almost half of BBVA’s €1.5bn perpetual non-call five year deal on Tuesday. With many market participants fretting about idiosyncratic structures and a lack of pricing transparency in AT1 deals, BBVA’s trade has provided a useful benchmark for the euro market, said bankers.
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Investors are falling over themselves to get hold of FIG paper this week across all asset classes. BBVA provided perhaps the most emphatic show of strength, pulling in around €14bn of orders for its second additional tier one outing on Tuesday.
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FIG investors showed their appetite for riskier paper has not been dimmed in the slightest by recent market volatility, piling into BBVA’s second additional tier one outing — and its first to be denominated in euros — to push the books to €11bn.
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BBVA has opted for a simpler structure for its second additional tier one outing, which could hit the market later this week when the roadshow ends. After including several different triggers for equity conversion in its market-opening debut AT1, the Spanish lender has chosen a single 5.125% CET1 trigger for its new deal.
