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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 head of the UK’s banking standards commission has called for a licensing system for senior bankers, complaining that not enough is being done to push such reform through. His comments came as the chairman of the Co-op Group, Len Wardle, resigned after former Co-op Bank chairman Paul Flowers was filmed buying crystal meth and cocaine after his disastrous grilling by MPs two weeks ago.
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ING is set to exchange some €2.6bn of old capital instruments into a pair of new 10 year non-call five tier two notes, which will be more efficient under new capital regulations than the old bonds.
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Nomura has hired a senior FIG banker from Royal Bank of Scotland to join its financial institutions DCM team, which has been one down since the summer. But market participants expect further changes at the Japanese bank to incorporate the new hire. -
Banco Espírito Santo is set to bring the first tier two bond from a Portuguese bank since the financial crisis, riding a wave of positive sentiment in the FIG market that has seen borrowers in Italy and Spain bring successful subordinated bond deals in recent weeks. Elsewhere, Danske Bank will meet Scandinavian investors later this week to gauge interest in a potential Nordic currency tier two deal.
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Barclays managed to stop a run of bad luck in the secondary performance of its contingent capital issues this week, seeing its debut additional tier one deal — the first of its type from a UK borrower — trade up more than two points immediately after pricing. But market participants said the issuer paid up handsomely to ensure that performance, bringing the deal around 25bp wider than investors expected. Will Caiger-Smith reports.
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Savings group Old Mutual has increased the amount of bonds it is buying back in a subordinated debt tender offer which will reduce its future gross interest costs by around £10m a year.
