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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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FIG borrowers are holding back on placing new deals into an uncertain backdrop, but dealflow picked up in other sectors on Wednesday, which according to some syndicators may act as a precursor for bank issuance.
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Senior unsecured bank bonds have continued to drift wider this week. Institutional investors are staying on the sidelines rather than buying into a market that may still fall further and spoil their half year numbers. Fast money is behind the widening, said bankers.
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US dollar investors saw increased supply from UK banks in Q2, but the supply outlook is still bleak across currencies. Overall wholesale funding supply has reduced significantly, leaving capital the only hope for increased supply in Q3, according to the Bank of England’s quarterly liabilities report.
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Standard & Poor’s has pushed Banco Popular Espanol further into non-investment grade territory with a one-notch downgrade of its long-term counterparty rating. BPE received good feedback on a capital markets transaction roadshow earlier this month, but the widening market has scuppered any plans for a deal. -
The magnitude — and perhaps the futility — of Europe’s plans for a bail-in mechanism and overarching banking union were on display over the weekend as talks between Eurozone finance ministers collapsed after disagreements over the extent to which depositors should share the burden of bank failures.
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Bank paper was showing more weakness on Monday, in line with most other capital markets. But syndicates say institutional investor trading has been limited and that the volatility is keeping both issuers and real money accounts away from the market.
