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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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Gazprombank and Banco Santander Chile re-opened the Swiss franc market for emerging market issuers on Thursday. Gazprombank sold the first new style tier two bond from an EM country in Swiss francs, with a strong investor response opening the way for other EM issuers to consider subordinated trades in the currency.
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When did you last see a $25bn book for a perpetual non-call 10 year additional tier one capital deal with two triggers for temporary principal write-down, one based on the issuer’s capital ratio and the other based on the capital ratio of its parent group, both of them set at different levels?
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It may not have grabbed the headlines like a French Presidential tryst, but the love affair between the country’s investment grade banks and US investors hit fever pitch this week as a quartet of issuers took home $5.7bn.
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Crédit Agricole pulled together the biggest ever order book for an additional tier one trade on Wednesday, finding a whopping $25bn of demand for its $1.75bn perpetual non-call 10 year debut in the deeply subordinated asset class. If further evidence of the grab for yield was needed, this was it — even though the leads themselves admitted that the deal was priced way through fair value.
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Gazprombank is set to sell the first tier two bond in Swiss francs from a Russian issuer on Thursday afternoon, while Santander's Chilean subsidiary is in the market with a senior unsecured trade.
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Investors piled into Crédit Agricole’s debut additional tier one trade on Wednesday, shrugging off Tuesday’s wobbly trading session and prompting the lead managers on the deal to keep the book size to themselves to avoid further order inflation.