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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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Allianz returned to the Swiss franc market after an absence of 14 years on Wednesday, selling a chunky subordinated deal. The high demand for subordinated paper could encourage more issuers to look at capital trades in the currency, according to syndicate bankers away from the trade.
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Bendigo & Adelaide Bank opted for tier two in its latest Basel III compliant bond in a effort to attract institutional accounts, but it had to offer a substantial pick up over the nearest comparables to satisfy that investor, finally pricing at 280bp over three month BBSW.
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UniCredit has offloaded default risk on a portfolio of Italian infrastructure projects to Mariner Investment Group, as the US fund launches a specialist business to pursue risk-sharing deals with European banks looking to meet new capital requirements.
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Standard Chartered gave the Singapore dollar market a new first on Friday, selling the debut tier two Basel III bond in that currency. Reverse enquiry from high quality investors and a favourable cross currency swap led the issuer to a 12 year non call seven deal positioning the Singapore dollar market as an alternative for raising bank capital.
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Hong Kong’s Dah Sing Bank is planning its first Basel III compliant tier two bond — also the first from a Hong Kong bank — and aims to sell a 10 year non-call five deal of around $200m. -
FIG investors this week gave a clear indication that they would do pretty much anything to get their hands on some yield, placing a whopping $25bn of orders for Crédit Agricole’s $1.75bn debut additional tier one trade as they chased the prize of a 7.875% coupon from one of France’s best-known financial institutions.
