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Investors saw plenty of juice in first public AT1 from Chile as regulatory framework draws praise
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◆ 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 pipeline for subordinated debt continues to swell, with Credit Suisse and Austria’s Bawag announcing roadshows for deals that could hit the market in the next couple of weeks. The potential deals signal the revival of the euro tier two market for bank debt, which has lain dormant since July. Credit Suisse's deal would be the first euro-denominated Coco to hit the market. -
Real money investors dominated the allocation of HSBC’s €1.5bn 10 year non-call five tier two deal, which was priced on Tuesday off a book of €3.5bn. Bankers involved in and away from the deal said it was encouraging to see callable tier two bonds — rather than bullets — back in the market, as investors look to shorten the duration of their exposures, to guard against rising rates.
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The bank capital market is beginning to show signs of the predicted deluge of September supply, with HSBC bringing its first tier two bond in three years on Tuesday, Crédit Agricole on the road for a Coco, and Intesa Sanpaolo Vita meeting investors for a euro subordinated deal. Covered bonds have also been pouring out this week, but while the senior pipeline is bulging, there were no deals in the euro market on Tuesday or Wednesday — and the deals that came on Monday had mixed fortunes.
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Japan’s Fukoku Mutual Life Insurance Company has mandated banks to issue a subordinated US dollar deal in a perpetual non-call 10 format, according to a deal term sheet.
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Demand from private bank investors in Hong Kong and Singapore was once a cornerstone for high yielding subordinated bank debt trades. That bid has backed off recently, and as SocGen’s additional tier one trade showed, it is no longer dependable — but that’s no bad thing.
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HSBC returned to the euro tier two market on Tuesday for the first time since 2009, managing to bring the pricing of its 10 year non-call five trade to the tight end of guidance. The deal is the bank’s first tier two transaction in any currency since 2010, and could be the first in a string of issuance as banks look to stock up on capital.
