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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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Wall Street’s titans clamoured to access the dollar market this week after posting better-than-expected earnings, as markets responded positively to Fed chairman Ben Bernanke’s semi-annual statement.
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Asian investors threw their weight behind French insurer CNP Assurances last week, buying 42% of its perpetual non-call six year deal — the largest proportion they have taken of a European issuer’s capital trade since AG Insurance’s deal in March.
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Danske Bank is considering what action to take after Standard & Poor’s changed its methodology for calculating the equity content of hybrid debt, downgrading its 2037 tier two bonds from ‘intermediate’ to ‘minimal’ equity content.
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The tier two market proved it wasn’t shut for summer this week, as Rabobank snuck in with a €1bn 10 year bullet that got in and out quickly at a tight spread, helping to bolster the bank’s buffer of tier two capital to protect senior bondholders against bail-in.
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Zurich Insurance Company has announced a tender offer for its €500m 2025 subordinated notes, which will be financed by a tap of the €787.5m 2043 bond that Zurich issued in March this year as part of a controversial bond swap exercise.
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Rabobank sold a €1bn 10 year bullet tier two bond on Wednesday that has since underperformed the wider market in secondary trading. But a banker involved in the trade said the issuer had fulfilled its objectives for the opportunistic trade, which helps build a solid buffer of tier two capital to protect the bank’s senior bondholders from bail-in.