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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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Fukoku Mutual Life Insurance Company sold its first US dollar denominated deal on September 10, issuing a $500m perpetual. A generous premium lured in private banks, which have been relatively subdued in Asia’s dollar bond markets since the June rout.
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Intesa Sanpaolo Vita, the life insurance unit of Intesa Sanpaolo bank, issued its debut subordinated bond on Tuesday, finding strong demand and using a new tier two deal from the bank — issued as part of an exchange — as a pricing reference.
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Crédit Agricole finally opened books on its inaugural contingent capital trade on Thursday, having been forced to postpone the trade because of potential recalculations of the capital ratio on which the 7% write-down trigger was based. -
Credit Suisse priced the first euro-denominated new contingent capital instrument on Wednesday, taking advantage of demand from accounts focused on that currency in the wake of the US dollar Coco the bank executed in July. Bankers involved in and away from the deal said it was another sign that institutional investors were developing a taste for the Coco product.
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The board of Monte dei Paschi di Siena, Italy's third largest bank, reviewed the lender's restructuring plan on Tuesday, ahead of expected European Union approval later this month.
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Crédit Agricole has amended the documentation for its debut Coco and is looking at possibly launching the 20 year non-call five deal on Thursday, having been forced to delay the launch on Tuesday because of potential changes to its fully phased-in Basel III common equity tier one capital ratio, a key metric in the deal’s loss absorption mechanism.
