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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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Even though it wasn’t technically a bail-in, the restructuring of Co-op Bank serves as an example for how to formulate a bondholder-driven bank rescue. The only problem is that the lessons we have learned are hard ones — that forcing losses on bondholders is fraught with difficulty, and that the Co-op template can only really work for small banks.
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A €594.3m exchangeable bond into 2.5% of Repsol completed by CaixaBank yesterday was the first European mandatory exchangeable transaction issued since the start of the financial crisis. The deal, which was over five times subscribed, was wrapped up by bookrunners Citi and Morgan Stanley within a few hours, despite investors having to tackle the unfamiliar structure.
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United Overseas Bank netted strong demand from private banks for its second Basel III-compliant tier one this year.
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United Overseas Bank plans to issue a second Basel III-compliant tier one deal nearly four months after it sold the region’s first. -
As its parent, the Co-operative Group, prepares to welcome the Queen and Prince Philip to Manchester to open its new eco-friendly headquarters, the Co-operative Bank is waiting on its subordinated creditors to save it from resolution.
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Barclays is set to bring the UK’s first CRD IV-compliant additional tier one trade as early as next week, when it finishes a global roadshow for the dollar-denominated deal. The issuer is riding the coat-tails of other pioneering AT1 issuers, but as the asset class becomes more established, investors are becoming more concerned about when banks will skip coupons than about other loss-absorbing features like write-down and equity conversion.
