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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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ING is looking to issue two new 10 year non-call five tier two bonds in an exchange offer, intended to help the bank comply with new capital rules by getting rid of deals that provide cheap funding but are inefficient as capital under the incoming CRD IV regime.
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What originally looked like being a quiet week in FIG has become much busier as issuers look to borrow money ahead of the European Central Bank’s policy meeting on Thursday and the latest non-farm payrolls figure from the US on Friday.
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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 a dollar-denominated trade with a 7% common equity tier one equity conversion trigger. The deal will be SEC-registered, as Barclays aims to cash in on the deep liquidity of the dollar market. -
The Co-operative Bank’s creditors will be asked to vote on the firm’s debt restructuring plan next month. If the bondholders do not approve the new deal, which has materially changed since the restructuring was announced in June, the only other option will be for the bank to be placed into resolution, said the Co-operative Group in a statement on Monday.
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Raiffeisenlandesbank Niederöesterreich-Wien will meet accounts next week to discuss a potential euro-denominated subordinated issue, which would be the fourth capital offering from Austria since the beginning of October.
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China Citic Bank International managed to overcome investor concerns about new style tier two bonds on Thursday after providing a friendlier structure than its predecessor in the asset class, ICBC (Asia).
