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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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Citi is buying back €489.5m of subordinated bonds at a premium to market value in a liability management exercise, after investors tendered €785.8m of the €2.05bn of outstanding debt targeted in the tender offer.
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UK insurer Liverpool Victoria, known as LV=, is set to tap the sterling market for a subordinated deal, which would be its debut transaction in the capital markets.
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European institutions finally shed their aversion to contingent convertible structures this week, taking as much as 60% of a ground-breaking new issue from BBVA and giving hope to other EU banks in need of additional tier one capital, writes Will Caiger-Smith.
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Man Group has followed its buyback of 2015 senior bonds, completed on Thursday, with a tender for $232m of lower tier two debt due in 2017. Again, the issuer has decided to use an exit consent method — a tactic normally employed in distressed situations.
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Deutsche Bank is set to tap US investors for tier two capital in May, in its first SEC-registered trade in that asset class. The roadshow comes after Deutsche revealed that it was looking at subordinated debt issuance when it announced its capital raise earlier this week. If the deal comes, it will be the first time the bank has printed capital since its last lower tier two trade in June 2010.
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