Top Section/Ad
Top Section/Ad
Most recent
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?
More articles/Ad
More articles/Ad
More articles
-
Barclays’ new $1bn contingent capital bond traded up in the secondary market on Thursday, having been priced on Wednesday afternoon in the US, following a heavily criticised execution process. The borrower also reduced the cap on its US dollar buyback — an operation linked to the new deal — by $150m after getting reverse enquiry for a buyback on three other outstanding bonds.
-
FIG market participants were bemused on Wednesday as Barclays’ much lauded contingent capital trade fell a little flat, with some blaming an execution process that they described as shambolic. Some suggested the bank had tripped over itself in the rush to be the first into the market after the Bank of England revealed a £25bn capital hole at UK banks last week, although Barclays said the trade was opportunistic.
-
Subordinated debt is expected to dominate the issuance pipeline over the coming weeks, as borrowers across the board look to bolster their capital ratios as the capital requirements directive (CRD) package moves towards official publication. Senior unsecured, meanwhile, is expected to be less of focus — although the market could throw up some opportunistic issuance.
-
Scottish Widows is set to bring the first sterling benchmark trade of the year in subordinated debt, after mandating leads for a UK roadshow.
-
Spain’s Fondo de Reestructuración Ordenada Bancaria (Frob) has announced the initial terms of exchange transactions for hybrid bondholders and preferred shareholders at four Spanish banks, in which investors will be haircut in return for equity.
-