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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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Subordinated debt investors saw the light on Thursday after more than a month in the shadows. Aberdeen Asset Management broke into the dollar Reg S market — which only two weeks ago was selling off aggressively — with its perpetual fixed-for-life trade and Swiss Re mandated leads for a contingent capital trade.
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A potential delay in finalising the fourth capital requirements directive (CRD IV) and capital requirements regulation (CRR) need not be a barrier to banks which want to print new-style hybrids, bankers told EuroWeek Bank Finance on Wednesday.
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Specialist insurer Beazley has decided to pull out of its planned retail bond issue after the majority of its subordinated debt investors decided to decline the firm’s offer to buy back their securities at par.
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Capital structurers are looking forward to brighter days in subordinated debt, as the market shakes off last week’s troubles and borrowers return to primary issuance. Aberdeen Asset Management begins marketing a new deal on Friday, and bankers hope that as results season ends, other issuers could press forward with their plans and unleash pent-up supply.
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UK banks could be set to reignite the contingent capital market over the coming months, as the Bank of England prepares to nail down exactly how much the country’s lenders need to raise to fill their regulatory capital buffers. The Bank is expected to determine UK lenders’ Pillar II capital shortfall when the Financial Policy Committee (FPC) meets on March 19.