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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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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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BBVA’s $1.5bn additional tier one perpetual bond tightened in secondary trading on Wednesday, having been priced on Tuesday afternoon at 9%. The majority of the deal was allocated to European institutional accounts, proving that traditional investors are developing a taste for junior debt.
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New-style bank capital received a ringing endorsement from institutional investors on Tuesday as accounts rushed to place orders for BBVA’s contingent convertible trade, the first CRD-compliant additional tier one capital bond from a European borrower since the new regulations were finally agreed in March.
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BBVA’s bold move to get out ahead of the pack with its new CRD-compliant additional tier one security has raised hackles in the bond market, with some bankers claiming that the deal’s complex structure is not in the spirit of new regulations and creates a complex precedent for the nascent market. The deal could hit the market as soon as Tuesday.
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Two UK banks are seeking shareholder approval for resolutions at their annual general meetings that should open the way for new contingent capital issuance. The moves could add to the Coco issuance pipeline in the wake of the Bank of England’s announcement last month that UK lenders need to raise £25bn of capital.
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Raiffeisen Schweiz sold its debut Basel III compliant perpetual bond last week, following a lengthy roadshow and a week-long bookbuild. The size of the deal topped the issuer’s expectations while pricing at the tight end of guidance.