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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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Insurer Achmea BV saw broad demand from real money accounts on Tuesday, in what is the first subordinated debt offering from a Dutch name since the nationalisation of SNS Reaal earlier this year — a process that saw sub bondholders wiped out.
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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.
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Norwegian insurer Storebrand Livsforsikring made light of the uncertain tone in the European market on Thursday, launching a €300m 30 year non-call 10 subordinated bond that attracted strong demand from institutional investors all over Europe.
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Sompo Insurance Japan raked in $13bn of orders for a long-dated subordinated bond this week, while the euro market lay dormant — save a €300m 30 non-call 10 year trade from Norway’s Storebrand Livsforsikring. Both deals underscored the strength of demand for high yielding subordinated paper, but Sompo in particular proved that the Asian private bank bid was back with a bang.
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Valiant Bank, a universal bank operating in Switzerland, issued its first tier two hybrid security on Wednesday afternoon, promptly increasing it on Thursday. The deal had failed to reach its target of Sfr150m in the initial trade, but the increase brought it up to the desired level.
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Cypriot depositors with less than €100,000 in the bank were offered some welcome relief on Thursday night from the fear of having a chunk of their savings confiscated by the country’s government, which is scrambling to collect the €5.8bn that European authorities have said it must contribute to a €17bn bail-out of its stricken economy.