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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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Standard Chartered returned to the euro market in tier two format on Monday, and was rewarded with a strong secondary market performance. Its €1.25bn 12 year non-call seven tier two deal tightened well in excess of the 5bp-7bp new issue premium immediately after pricing.
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Investors piled into the first perpetual subordinated issue from an insurer for several years on Thursday, placing several billion euros worth of orders for Allianz’s perp non-call 10 year trade, despite pricing that was much flat to fair value. -
The European Council on Tuesday failed to make progress on the Single Resolution Mechanism (SRM), although it approved legislation to install the European Central Bank as single supervisor for eurozone banks. As some market participants expressed concern that upcoming stress tests could plunge European banks back into crisis mode, the ECB said it would release more detail on how the tests would be conducted next week.
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The looming US debt ceiling deadline is weighing more and more on market participants’ minds, but you would not know it from the state of the FIG markets. The euro market is busy in senior unsecured, covered bonds and tier two — and BPCE even managed to get a subordinated dollar bond done on Tuesday.
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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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Standard Chartered’s €1.25bn tier two deal performed strongly in the secondary markets, tightening well in excess of the 5bp-7bp new issue premium.
