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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 are not charging issuers enough for the additional risk of high triggers for loss absorption in additional tier one and contingent capital deals, because supply is low and the coupons on these instruments are so enticing, FIG market participants said this week.
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The European Banking Authority has confirmed that the removal of call options from legacy capital instruments will count as a new issue and could stop the resulting bonds from being grandfathered in the transition to CRD 4. The move could prompt issuers of step-up tier one securities to replace quarterly call options with five-yearly calls.
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Banco Popolare, Italy's fourth-largest bank, launched a €1.5bn capital raise late on Friday night, looking to beat its rivals and seize on positive investor sentiment before the ECB's Asset Quality Review later in the year.
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At least one Nordic issuer is planning to print an additional tier one deal once the quarterly reporting season is over, with plenty of issuers in other regions also planning to tap the growing asset class, bankers told EuroWeek Bank Finance on Monday.
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Hong Kong’s Dah Sing Bank priced its first Basel III compliant tier two bond on Wednesday. The small size, structure and jurisdiction all helped the deal succeed, said bankers on the bond. But buyers singled out rarity value as the most attractive aspect.
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More issuers could look to follow in the footsteps of Allianz after a blowout subordinated Swiss franc deal on Wednesday, according to Zurich based bankers. The deal — ending Allianz’s 14 year absence from the currency — drew an exceptional response from yield starved Swiss investors.