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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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Aviva plc tightened pricing on its tier two deal on Tuesday afternoon after gathering around €4bn of orders. Some syndicates away from the deal saw a generous premium at initial guidance, but they almost unanimously praised a bold move from the UK insurer in a FIG market that hadn’t seen a benchmark deal in over a month. -
National Bank of Greece has booked a capital gain of around $155m on buying back non-cumulative preference shares from retail investors at a steep discount to face value, in an exercise designed to generate core tier one capital.
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What was all the fuss about? FIG investors breathed a sigh of relief on Thursday as central bankers queued up to calm what many saw as an over-reaction to a potential US withdrawal from quantitative easing. Senior and sub debt recovered towards the end of the week, soothing investors — although the long term outlook for spreads still worried some.
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The standardisation of bank disclosures and capital structures took another stride forward this week as the Basel Committee for Banking Supervision released a consultation paper detailing a set of general measurement principles for calculating banks’ leverage ratios — in the same week that the first pan-European Capital Requirements Regulation was enshrined in the EU’s Official Journal.
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European leaders finally reached an agreement on bail-in rules on Thursday, laying the groundwork for how regulators will force losses upon the shareholders and creditors of failed or failing banks. But the accord gives national regulators a large amount of discretion in how to apply these losses, which market participants say makes it difficult to quantify the risks of senior unsecured bank paper.
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The standardisation of bank disclosures and capital structures took another stride forward on Wednesday as the Basel Committee for Banking Supervision released a consultation paper detailing a set of general measurement principles for calculating banks’ leverage ratios.
