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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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Barclays has made no bones about its commitment to the Coco market, which it now aims to access again as part of its capital raising plan. But its past deals have had a rough ride in the secondary market and another one may be challenging. After Tuesday’s results, potential buyers need the promise of perfect execution this time.
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The European Banking Authority has set out rules for which contingent capital bonds can be used in pay packages, in an attempt to tie bankers’ bonuses to the long-term future of their institution and stop banks getting round remuneration rules with tailored Cocos.
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Santander UK is looking to optimise its capital base in light of new capital regulations by buying back up to £486m equivalent of tier one and tier two securities, which it will replace with new-style tier one and tier two issuance in due course.
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Barclays’ capital securities traded up on Monday as the bank confirmed that it would update the market on its capital raising plans at the same time as announcing second quarter results on Tuesday. -
Just as market participants rushed to call Austrian debutant Uniqa’s €350m 30 year non-call 10 the last trade before the summer break, Credit Suisse was putting the finishing touches to plans for a Reg S/144A subordinated trade, which it announced a roadshow for on Thursday afternoon.
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The potential for a deeper and longer recession in Italy than originally expected, alongside sustained higher funding costs for the country’s banks, has prompted Standard & Poor’s to downgrade 17 Italian lenders by one notch on Wednesday evening.
