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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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Sompo Japan Insurance courted investors across the globe with its 60 non-call 10 year subordinated trade, but in the end it was Asian investors that provided the overwhelming bulk of demand, taking around two thirds of the deal.
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Valiant Bank, a universal bank operating in Switzerland, issued its first tier two hybrid security on Wednesday afternoon, increasing the size on Thursday. The deal had failed to reach its target size of Sfr150m in the initial trade, but the increase brought it up to the desired level.
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Norwegian insurer Storebrand Livsforsikring shrugged off the uncertain tone in the European market on Thursday, launching a €300m 30 non-call 10 year subordinated bond that attracted strong demand from institutional investors all over Europe.
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Sompo Insurance Japan is pulling in orders for a long-dated subordinated dollar bond while the euro market is dormant, underscoring not only the strength of US dollar assets in the face of European volatility but also a revived bid for high-yielding hybrid debt among Asian private banks.
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As depositors of Cypriot banks wait for a Tuesday vote on the country’s bailout deal to seal their fate, FIG market participants have complained that governments are making a mockery of established creditor hierarchies. Some also said the move to impose haircuts even on insured depositors undermined Europe’s plans for a single deposit guarantee scheme.