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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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Several European borrowers launched well received senior unsecured deals and covered bonds this week making a mockery of fears over the impact of the US’s shutdown troubles. CaixaBank, Banca Popolare dell’Emilia Romagna and UBI Banca flew the flag for the periphery, while Lloyds Bank hit the senior market after an 18 month hiatus.
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Raiffeisen Bank International on Tuesday provided more action in the tier two market, bringing a 10 year bullet trade in euros, which was set to be priced later in the afternoon. The deal highlighted the health of the European market even in the face of the US shutdown, but some bankers said they expected the Austrian lender to attract more orders.
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The board of Monte dei Paschi di Siena, Italy's third largest bank, approved its restructuring plan on Monday evening. As well as a previously announced €2.5bn capital raise, the lender hopes to fully relaunch and restructure the bank.
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Lloyds Bank returned to the senior unsecured market for the first time since last January on Monday, using its rarity value to come at a minimal premium above its secondary curve. Meanwhile, CaixaBank took advantage of a better tone in Europe’s periphery to launch a long three year deal. -
Industrial and Commercial Bank of China (Asia) printed the region’s first Basel III compliant tier two bond in US dollars on Thursday, providing an important benchmark for bankers and investors in pricing in point of non viability features for upcoming Asian bank capital deals.
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Danske Bank has bought back almost all of the $1bn 2037 bond it issued late last year, a deal designed to get equity credit to boost the firm’s rating with Standard & Poor’s but which was then disqualified from the ratings agency’s methodology.
