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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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Industrial and Commercial Bank of China (Asia) launched the region’s first Basel III-compliant tier two bond in US dollars this week, and bankers are hoping the deal will act as a benchmark for calculating premiums on bonds with contentious features that could trigger investor losses. -
Hedge funds and institutional investors came out in force on Thursday for a debut additional tier one deal from Banco Popular Español, helping spur orders for the Spanish lender’s €500m no-grow trade to €1.5bn, with 200 accounts involved. The deal proved that at the right price, lower-rated lenders could access the market for deeply subordinated regulatory capital — even in a week that saw Italy’s government almost fall and the US government shut down amid wrangling over its budget.
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Swiss Re sold a dual trigger Swiss franc contingent capital bond on Monday, including capital and catastrophe-linked triggers. The Coco is the first to incorporate such a structure, and Swiss Re is mulling the possibility of transferring the structure to other markets.
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Banco Popular Español drew heavily on hedge fund demand to build its debut additional tier one capital trade on Thursday, in contrast to recent contingent capital and AT1 trades which have demonstrated higher real money participation.
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Vienna Insurance Group proved that it meant something to European investors on Tuesday, printing its first benchmark since cancelling plans for a deal back in 2010. The €500m 30 non-call 10 bond was outperforming the wider market on Wednesday, as Banco Popular Español hit the road to meet investors ahead of a potential additional tier one trade.
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Industrial and Commercial Bank of China (Asia) is again taking a lead on bank capital after launching Asia’s first US dollar-denominated Basel III compliant tier two bond.
