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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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Raffeisen Bank International finally laid out plans to issue up to €2.25bn of equity on Wednesday evening, ending months of speculation about a capital raise for the Austria-based lender and allowing it to repay state aid.
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Spanish banking conglomerate Bankia found overwhelming demand for its first post-crisis senior unsecured deal on Thursday, as investors placed almost €3.5bn of orders for the five year trade. While the broader market showed some signs of weakness, bankers were confident that the FIG feeding frenzy would continue — even the sterling market saw some action, with Axa pricing a €750m 40 non-call 10 year subordinated bond.
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Raiffeisen Bank International is set to print up to €500m worth of additional tier one paper in the next year, in conjunction with a capital increase of €2bn-€2.25bn, as it seeks to prepare for the implementation of Basel III. The bank has also announced it has decided not to sell its Hungarian subsidiary for the moment.
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Svenska Handelsbanken found a wealth of demand for its €1.5bn tier two trade on Tuesday, pulling in some €5bn of orders. Despite a final spread that one banker said was “like senior pricing”, the deal tightened substantially in the secondary market on Wednesday.
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Cairn Capital has closed its Cairn Subordinated Financials Fund as the recovery in subordinated debt prices and the prospect of fewer tender offers in the asset class has made continued annualised returns of around 25% more difficult.
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Credits from Europe’s periphery are raking in orders in the FIG funding markets, but investors are also going starry-eyed at the sight of high-yielding subordinated debt from core jurisdictions. On Tuesday there was just under €11bn equivalent in supply across senior, covered bonds and sub debt in euros and sterling, with Italian credits dominating senior, while sub and covered let core European names get in on the action.