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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
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◆ 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 bank capital market is ablaze this week, with Barclays’ additional tier one deal on Tuesday being followed by a low trigger tier one trade from Credit Suisse and a rights issue and preference share sale for Bank of Ireland on Wednesday. Covered bonds and ABS have continued apace, but like senior unsecured, those markets are slowing down as Christmas approaches.
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Barclays proved that additional tier one paper from top tier banks could work in euros as well as dollars on Tuesday, gathering €7bn of orders for its perpetual non-call seven year equity conversion deal, which will help it reach the 3% leverage ratio target set by the UK’s Prudential Regulation Authority earlier this year. -
Danske Bank is open to options for further capital issues in the near future following its sale of Swiss franc tier two bonds on Monday.
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Barclays is speaking to investors on Monday to take indications of interest for a potential euro denominated additional tier one capital deal, which will help it reach the 3% leverage ratio target set by the UK’s Prudential Regulation Authority by the deadline of June 2014. The deal comes amid a December rush in bank capital — Credit Suisse is also meeting investors for a low trigger tier one capital deal.
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UBS will buy back €1.75bn of debt across 11 bonds as part of the bank’s balance sheet reduction plans.
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Yorkshire Building Society is looking to buy back any and all of its £100m 13.5% convertible tier two notes at a single digit premium to market value.
