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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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The FIG market was given an extra lift on Thursday — if it needed one — by the US Federal Reserve’s decision to taper its $85bn quantitative easing programme by $10bn on Wednesday, with bankers saying the market’s positive reaction to the announcement had banished fears that the bull run of the last couple of months could be derailed before the end of the year. -
The results of the European Central Bank and European Banking Authority’s Asset Quality Review (AQR) and subsequent stress tests will depend on the amount of capital available to remedy capital shortfalls at European banks, Rabobank analysts have said.
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The primary FIG markets are finally winding down in the run up to the Christmas holidays, with no new deals being launched this week. A mystery capital issuer postponed its deal until the new year, while UBS and Yorkshire Building Society closed liability management exercises — but the only real activity is among regulators.
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UBS did not quite hit the spending cap on its senior and subordinated tender offer this week, but nevertheless achieved a strong participation rate, buying back just under €1.6bn of debt across 10 securities.
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EuroWeek Bank Finance understands a European bank was considering printing a capital deal in euros last week, but has decided to wait until the New Year.
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Yorkshire Building Society has enjoyed a big response from investors to its offer to buy back its £100m 13.5% convertible tier two notes, with almost three quarters of the bonds tendered and accepted for purchase.
