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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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Banco Espírito Santo brought the first syndicated subordinated bond from a Portuguese bank since 2007 this week, resoundingly putting the country back on the map amid a rally in peripheral sub debt that has supported trades from Italian, Spanish and Irish banks in recent weeks. -
Lloyds Banking Group enjoyed a triumphant return to the dollar market this week as the torrent of issuance from banking and finance names continued.
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Banco Espírito Santo put Portugal back on the map for subordinated debt on Thursday, bringing the first such deal from a bank in that country since 2009.
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Austrian lender Raiffeisenlandesbank Niederoesterreich-Wien’s 10 year tier two trade widened in the secondary market on Wednesday as FIG investors showed signs of indigestion after a heavy flow of supply over recent days and weeks.
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The FIG market is showing its first signs of weakness in quite some time, as investors turn to the yields on offer from higher beta names, leading some other trades to flounder and others still to widen after pricing.
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Investors continued to mine a rich seam of European tier two debt on Tuesday, as Austrian lender Raiffeisenlandesbank Niederoesterreich-Wien looked to price a €300m 10 year bullet subordinated bond. Meanwhile, the pipeline for subordinated deals is building, with Banco Espírito Santo, Danske Bank and Royal London Mutual all conducting roadshows.
