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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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Spain’s CaixaBank has mandated leads to sell a euro denominated 10 year non-call five tier two bond after a global investor call on Monday. The trade follows three weeks of peripheral European action in the bank funding markets, with Spanish credits in the frame to continue the trend started by Italian banks over the past fortnight or so. -
China CITIC Bank International will embark on investor meetings to sell Asia’s second Basel III-compliant tier two after ICBC (Asia) took the plunge in the beginning of the month and saw its outstanding bonds trade wider in secondaries.
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Uncertainty over “precautionary recapitalisations” of stress test failures weighed heavily on bank investors this week even as the FIG sector’s recent rally moved to new heights, writes Will Caiger-Smith.
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Subordinated debt investors on Monday welcomed UniCredit's 12 year non-call seven deal, which was priced 100bp inside where it printed a 10 year non-call five deal about one year ago. The deal underlined the strong bid for high yielding bank paper, but some market participants warned that the latest bull run was unsustainable.
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Société Générale has bought back some 86% of a $1.5bn high yielding perpetual subordinated bond which lost its ratings agency benefit after Standard & Poor’s changed its methodology for calculating the equity content of hybrid debt.
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Korea Exchange Bank took full advantage of the relief that greeted the agreement to re-open the US government and extend the debt ceiling on the night of October 16, pressing ahead with a $200m 10 year Basel II-compliant tier two bond the very next morning in Asia.
