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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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Swiss Re has mandated banks for investor meetings ahead of a possible Swiss franc Coco deal. The Coco will incorporate a structure that has never before been used, according to syndicate bankers involved, with the bond writing down in full if the issuer’s solvency falls below a certain threshold, or should a minimum amount of insured damage be caused by an Atlantic hurricane.
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Norway’s DNB Bank made the most of an ebullient tone in the FIG market on Thursday, printing €750m of tier two paper well inside the initial pricing thoughts as market participants cheered the US Federal Reserve’s unexpected decision not to cut back its asset purchases. Tier two supply is expected to increase over the coming weeks, as borrowers seek to take advantage of the strong market backdrop to build up their capital buffers. -
Dankse Bank offered its tier two bondholders a compromise on Wednesday, in a tender offer that is intended to retire a subordinated bond that no longer counts towards Standard & Poor’s risk-adjusted capital (RAC) ratio because of a change in the ratings agency’s methodology.
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Norway’s DNB Bank took advantage of an ebullient tone in credit markets on Thursday following the US Federal Reserve’s decision not to taper asset purchases, printing a €750m 10 year non-call five deal with a minimal new issue premium. Austrian lender Bawag was less fortunate — it cancelled plans for a subordinated trade after completing a European roadshow.
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Dankse Bank offered its tier two bondholders a compromise on Wednesday, in a tender offer that is intended to retire a subordinated bond that no longer counts towards Standard & Poor’s risk-adjusted capital (RAC) ratio because of a change in the ratings agency’s methodology.
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Attractive spreads have dominated new issues this week, with UniCredit grabbing investors’ attention with its senior coupon and ANZ New Zealand and Kommunalkredit Austria offering eye-catching premiums in covered bonds. But in the bank capital market, holders of Danske’s perpetual tier two bond complained that they were being short changed in a tender offer.
