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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 rapturous reception given to CaixaBank's tier two deal this week — the first publicly sold tier two benchmark from a Spanish borrower since before the financial crisis — has bankers urging banks in Europe’s periphery to strike while the iron is hot and stock up on much needed capital, writes Will Caiger-Smith.
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Yankee high grade issuance enjoyed its second busiest October on record as risk-hungry investors continued to load up on bank paper.
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Other Spanish issuers would do well to take notice of CaixaBank’s return to the tier two market, and should use the good conditions to print their own deals, bankers told EuroWeek Bank Finance on Wednesday. The Spanish lender's Tuesday trade tightened by almost 20bp in the secondary market on Wednesday, having priced pretty much flat to fair value.
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With the US Federal Reserve not expected to taper asset purchases until next March, there have been few obstacles to FIG issuance over the past couple of weeks, across senior unsecured, covered bonds and bank capital. There has been a bigger geographical variety of credits in the funding markets — but the periphery is still the place to pick up yield.
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A year after substantially reducing the size of its investment bank and entirely exiting the supranational and agency debt markets, UBS’s investment bank has posted a strong increase in profits.
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CaixaBank proved investors’ peripheral penchant on Tuesday, storming into the bank capital market with the first new tier two deal from a Spanish issuer since the financial crisis. The issuer priced the deal with almost no new issue premium, underlining the strength of the recent bull market for southern European FIG debt.
