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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 European Banking Authority has released a near-final draft of its regulatory technical standards for own funds, cheering potential investors in additional tier one capital by dropping a proposal to stop banks from paying coupons when hybrid capital instruments are temporarily written down. -
The Co-operative group has hired a new finance director and a new non-executive chairman for its financial services arm, as it continues to search for ways to bolster its bank’s capital base after a six-notch downgrade from Moody’s last month.
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Scottish Widows has decided not to bring the euro-denominated subordinated bond deal it spent last week roadshowing, with Lloyds Banking Group, the issuer’s parent, deciding it did not need the extra capital following recent asset sales.
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Royal Bank of Scotland is following its new $1bn subordinated Yankee bond with a tender offer on 11 capital securities, capped at $1bn. The targeted bonds, issued by RBS NV, are denominated in euros, US dollars, Australian dollars and Deutschmarks.
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Moody’s is changing the way it rates subordinated Tier II debt at banks in Asia which will affect new-style and outstanding old-style issues, a move that some fear will further dampen issuance of the securities this year.
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Issuers are likely to focus mostly on how benchmark interest rates behave when deciding on their issuance plans in the coming months, following the recent back-up in US Treasury yields which has triggered a broad sell off in credit, bankers told EuroWeek Bank Finance on Monday.
