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Investors saw plenty of juice in first public AT1 from Chile as regulatory framework draws praise
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◆ 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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UniCredit on Monday printed €1bn of 12 year non-call seven tier two paper some 100bp inside where it priced a similar deal a year ago, taking advantage of recent tightening in Italian secondary spreads to pre-fund for 2014.
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Italian FIG issuers continued their assault on the funding markets on Tuesday, with Intesa Sanpaolo and Banca Popolare Milano following Monday’s deals from UniCredit and UBI Banca. With Italy having overcome its recent political travails and the market enjoying a rally that some bankers fear is unsustainable, borrowers are falling over themselves to pre-fund for 2014 — a year which Moody's expects to be difficult for Italian banks. -
UniCredit had a strong response from European investors on Monday morning when it launched a 12 year non-call seven tier two deal, despite only offering a minimal new issue premium and little concession to where it would have priced a similar deal but with a bullet maturity. However, after three weeks of almost continual tightening in the FIG credit markets, bankers expressed concern that the good conditions were unsustainable.
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Slipstreaming on Thursday’s post-US debt compromise relief rally, Allianz attracted “crazy” demand of €8.5bn for a perpetual that underscored the euro FIG sector’s resilience throughout the crisis in Washington DC, writes Will Caiger-Smith.
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Société Générale has launched a tender offer on its $1.5bn perpetual subordinated bond, after ratings agency Standard & Poor’s changed its methodology for calculating equity content for hybrid debt. The deal follows a similar move by Danske Bank just under a month ago, with the issuer offering a compromise to buy the notes back just below market value rather than calling them at par.
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Bank of America Merrill Lynch took advantage of surging investor demand for high grade credit as it plundered the market for $3bn on Thursday.
