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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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Svenska Handelsbanken got the tier two capital market off to a flying start on Tuesday morning, gathering a cool €5bn of orders for a €1.5bn 10 year non-call five deal. Meanwhile, Crédit Agricole began preparations for its debut additional tier one capital trade.
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The Prudential Regulation Authority and Financial Conduct Authority are to conduct an enforcement investigation into Co-operative Bank, considering the role of former senior managers in the bank’s deterioration, which led to its bondholder-driven rescue at the end of 2013.
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Australia & New Zealand Bank is set to price a US dollar senior unsecured deal on Monday afternoon, before it makes its 2014 debut in euros with a covered bond, expected to price on Tuesday.
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Italian insurer Generali and UK lender Abbey National have both mandated leads for euro senior deals with more issuers expected to follow later this week, once several European countries return to work after Monday’s Epiphany holiday.
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Banks in the Netherlands are expected to finally prepare to print additional tier one capital in 2014, after the country removed the final barrier to issuance by ruling that AT1 instruments will be tax-deductible from January 1. The country’s banks are expected to be joined by Italian names in debut AT1 issuance — but Germany is still yet to resolve the tax issue.
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SNS Reaal, the financial institution that put bail-in on the map in February when the Dutch government seized its subordinated debt as part of its rescue plan, is to spin off its property finance business to the Dutch state before the end of the year, after the European Commission made its final decision on the lender's state aid package this week.