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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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Credit Suisse on Wednesday took a step into untested waters, opening books on a 12 year non-call seven low-trigger contingent capital trade, the first euro Coco ever to hit the market. The deal came after Crédit Agricole was forced to postpone its debut Coco to make last minute changes to the documentation. Elsewhere, Intesa Sanpaolo Vita priced a €500m five year tier two bullet. -
After Intesa Sanpaolo Vita — the Italian lender’s life insurance unit — hit the subordinated debt market on Tuesday, Credit Suisse followed suit with a euro-denominated Coco on Wednesday. Crédit Agricole’s Coco was delayed by a last minute documentation change, but the FIG markets are on a roll, with SEB and Macquarie bringing senior trades.
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Fukoku Mutual Life Insurance Company sold its first US dollar denominated deal in a $500m perpetual on Tuesday after a generous premium was able to lure in private banks that have been relatively subdued in Asia dollar since the June rout.
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Crédit Agricole has postponed the launch of its inaugural contingent capital trade after new regulatory developments that could affect the calculation of key capital ratios on which the triggers for the instrument’s loss absorption features are based.
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Banco de Sabadell kicked off a €1.38bn capital raise on Monday evening with a €650m block trade that will reshuffle its shareholder register ahead of a rights issue to make up the rest of the the target.
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Intesa Sanpaolo has issued a new €1.45bn tier two bond after buying back €1.428bn of outstanding tier two debt, in an effort to optimise its capital structure and replace old-style capital with new paper that will be fully recognised under the incoming European Capital Requirements Regulation (CRR). Elsewhere, UBI Banca has offered to buy back a tier two bond it is not planning to call.
