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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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Cairn Capital has closed its Cairn Subordinated Financials Fund, as the recovery in subordinated debt prices has made continued annualised returns of around 25% more difficult. But the asset class is still set to play an important role this year for investors looking to hit yield targets.
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Raffeisen Bank International on Wednesday evening finally laid out plans to issue up to €2.25bn of equity, ending countless months of speculation about a capital raise for the Austria-based lender, allowing it to repay state aid.
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Investors threw their weight behind Europe’s recovery this week, gorging themselves on just over €9bn of new euro-denominated senior unsecured paper, much of it from banks in the continent’s peripheral economies. The likes of Bankia and Bank of Ireland would have been called PIIGS two years ago, but this week the only thing they were wallowing in was orders — although ECB president Mario Draghi tried his best to keep the market’s rampant optimism in check on Thursday.
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French insurance group Axa returned to the sterling subordinated market after a hiatus of more than a decade on Wednesday, selling a whopping £750m of 40 year non-call 20 paper at 185bp over Gilts.
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US investor appetite for southern European FIG paper started the year on a strong note, as Intesa Sanpaolo brought its first deal of 2014 this week.
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Crédit Agricole added to the flood of new mandates this week by appointing Barclays, Credit Suisse, Goldman Sachs, JP Morgan and UniCredit to run an additional tier one roadshow, starting on Wednesday.