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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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How many banks does it take to sell an additional tier one deal? Only one, apparently. But that didn’t stop Barclays mandating a cast of 19 lead managers and co-leads for its AT1 debut this week. Reciprocity much? Still, there was much to admire about the deal but it does not mark this market’s coming of age.
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Skandinaviska Enskilda Banken printed its second biggest senior deal on record as financial sector names looked to pre-fund before year-end.
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Barclays set the precedent for the UK Prudential Regulation Authority’s vision for additional tier one capital instruments on Wednesday, pricing a $2bn non-call five perpetual deal at 8.25%. The trade was well received, but market participants said it was clear the issuer had paid up for the deal, opting for size over price. -
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.
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The secondary market performance of Barclays’ debut additional tier one deal, which is expected to be priced on Wednesday afternoon, hangs on the final size of the trade, said market participants. After a strong bookbuild, the issuer looks set to find success — but some are worried it could be tempted to take more out of the market than it should.
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All eyes were on Barclays this week, as it brought the UK’s first additional tier one capital deal. The trade is expected to be priced on Wednesday afternoon and is another test for the nascent market, being only the fourth deal in the format. Elsewhere, the senior and covered bond markets continued their strong run as ravenous investors stampeded for paper in the run up to year end.
