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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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The Danish FSA, the country’s financial regulator, has approved the issuance of high trigger contingent convertible (Coco) instruments to fill banks’ pillar two capital requirements, to be implemented nationally to complement the European capital requirements directive package.
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Andrew Tyrie, chair of the UK’s Treasury Select Committee, has called on the Treasury to cede control of the leverage ratio to the Bank of England’s financial policy committee and make it higher than 3%. This could increase UK banks’ requirement for additional tier one capital, bankers told EuroWeek Bank Finance.
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FIG debt continued its lurching ride over market volatility this week, as bankers and other market participants struggled to understand the increasingly complex dynamics behind demand and supply in the sector and tried to gauge what the future could hold, write Will Caiger-Smith and Tom Porter. -
Banks’ reduced funding needs this year have enabled them to be opportunistic when spreads are tight and stay away when, like this week, conditions aren’t perfect. But investors are reluctant to buy into new deals when they foresee rising interest rates, and will demand a bigger premium cushion when issuers return.
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Secondary spreads in senior unsecured FIG paper widened by up to 10bp on Tuesday as Europe reacted to a sell-off in Asia overnight. Bankers now expect supply to be subdued as the market slows down into summer and the next reporting season looms.
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Man Plc, formerly known as Man Group, is buying back $141.4m of sub debt following a cash tender and consent, and will call the remaining notes at par to retire the entire issue.
