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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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A new tier two bond from Société Générale bore the brunt of a widening in the secondary FIG spreads on Thursday, being marked up to 15bp wider after pricing, said bankers away from the trade. It had retraced most of the losses by the afternoon but the initial widening served as a warning to prospective issuers of tier two paper.
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National Bank of Greece on Friday launched a buy back of a US retail-targeted capital issue to boost its capital and comply with the EU’s conditions of its recapitalisation plan for Greek banks.
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Italy’s Banco Popolare bought back just under €426m of capital securities in a liability management exercise, at a slight premium to market value.
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Société Générale’s new tier two bond bore the brunt of widening in the secondary FIG market on Thursday, widening up to 15bp after pricing. The deal’s poor performance was mirrored in the senior unsecured market, and was an unfortunate first indication of how far investor sentiment has shifted in the past week.
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Greece’s Piraeus Bank has completed a buyback of hybrid and subordinated debt as part of the country’s European Union and International Monetary Fund-backed bank recapitalisation scheme.
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Société Générale was building books on a 10 year subordinated tier two transaction on Wednesday, its first such deal in euros since 2008.