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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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Bank of Ireland and the Irish government raised a total of €1.9bn on Wednesday, as the state sold its preference shares in the bank before a key deadline. The bank issued €580m of fresh equity to buy back some of the prefs, with another €1.3bn restructured and sold to bond investors through a special purpose vehicle.
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Credit Suisse pulled over $18bn of orders for its perpetual non-call 10 year tier one transaction, driving the bonds sharply higher in the secondary market and fuelling confidence that demand for financials’ higher yielding securities is growing at a rapid pace. -
A predictably large bid from insurance and pension fund buyers helped Prudential plc’s 50 year non-call 30 deal to a 2.5 times subscription on Wednesday and drove the bonds tighter in secondary.
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FIG bankers are concerned that an anticipated positive non-farm payrolls number from the US on Friday could shut down a capital market that has shown considerable strength this week.
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Credit Suisse opened books on its US dollar low trigger tier one perpetual deal on Wednesday, following meetings with investors in London and New York earlier in the week. Although the bank did not reveal the book size, it had managed to tighten guidance by 25bp before passing the deal over to New York.
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FIG bankers expected to see investors running to get their hands on a 50 non-call 30 year tier two deal from Prudential on Wednesday, driven by the UK group’s high quality name and a lack of sterling supply this year.
