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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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The covered bond market has exploded this week, with four euro deals launched on Wednesday, following one in US dollars on Tuesday. Bank issuance overall is back with a bang, after Fed tapering uncertainty was pushed aside, for the time being at least, and investors got the German election outcome they wanted. There has been strong supply in bank capital and senior unsecured, while UK issuers have returned to ABS after a long absence.
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Danske Bank found a wealth of demand, mostly from European institutional investors, for its 10 year non-call five deal on Tuesday, helping books swell to over €3.5bn by midday London time. Some bankers put that down to what they called the deal’s “generous” pricing. -
The leads on Standard Chartered’s $1bn 10 year bullet, which was sold on Monday mainly to US accounts, defended the deal against critics who said the small book size of $2.5bn showed that the deal had struggled, perhaps because of investor fatigue as StanChart has sold a large amount of tier two paper into the US market this year.
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The departure of a senior capital solutions banker from UBS does not affect the firm’s commitment to the bank capital market, a source at the bank told EuroWeek Bank Finance on Tuesday.
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BNP Paribas is set to sell its second Australian dollar bond of the year from its Australian subsidiary, opting for a four year deal. Demand has proved strong from domestic accounts, with pricing expected to take place on Wednesday.
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Standard Chartered was waiting for the US markets to open to provide the bulk of demand for its new 10 year bullet tier two trade on Monday, having received a solid base of orders from Asian and European accounts in the morning.
