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Investors saw plenty of juice in first public AT1 from Chile as regulatory framework draws praise
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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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Danske Bank seized upon reverse enquiry from Nordic investors after its recent euro tier two deal this week, printing subordinated debt in three Scandinavian currencies and tweaking the structure of individual tranches to better suit investor demand. Scandinavian banks are expected to be big issuers of bank capital next year.
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DBS Group Holdings launched its first Basel III compliant tier one issue at the bottom of the target yield range after holders of S$1.1bn ($878m) of its old-style tier ones responded positively to a tender offer.
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Nationwide Building Society found a solid £1.6bn of demand for its £500m issue of core capital deferred shares (CCDS) on Wednesday, a new equity-like instrument that has been four years in the making. UK real money investors came out in force for the trade, with a Nationwide funding chief telling EuroWeek Bank Finance that “you could count the ones that weren’t involved on the fingers of one hand”. -
Nationwide Building Society was set on Tuesday to price its ground-breaking new core capital deferred shares (CCDS) deal in the middle of the 9.5%-11.5% range it specified during this week’s roadshow. The deal found strong demand, allowing leads to officially open books with £1.2bn in indications of interest.
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Danske Bank tapped all three Scandinavian currencies on Tuesday. The issuer took a flexible approach to the five tranche trade, tweaking maturities on individual tranches to suit investor demand.
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There’s no sign yet of a winter slowdown in the FIG market, with investors still stuffing new senior unsecured and covered bond paper into their portfolios and even a couple of capital trades due to hit the market. Niche currencies are also enjoying a late surge, with Danske Bank, ABN Amro and ANZ all printing on Tuesday.
