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Investors saw plenty of juice in first public AT1 from Chile as regulatory framework draws praise
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◆ 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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Bondholders of failed Dutch lender SNS Reaal were facing an uncertain future on Thursday as they waited to hear what chance they would have of claiming on CDS protection they had bought to insure against losses on their bonds.
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The subordinated debt market, which has rebounded in recent days after suffering heavily last week from the fallout of SNS Reaal’s nationalisation, is looking forward to some new issuance after UK investment firm Aberdeen Asset Management began marketing a new deal.
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The UK government’s attempts to protect consumers and taxpayers from losses in the investment banking arms of large retail lenders could force investment banks to ramp up risk, potentially triggering losses in other financial companies if they fail, the co-founder of a leading UK investment firm told EuroWeek Bank Finance on Tuesday.
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Shareholders and bondholders of failed Dutch lender SNS Reaal have sent over 400 letters to the country’s Council of State appealing the government’s decision to expropriate their holdings in order to nationalise the bank just over a week ago.
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UK specialist insurer Beazley has clashed with Standard & Poor’s following its announcement of a tender offer for subordinated debt last week. The ratings agency withdrew Beazley’s counterparty rating at the issuer’s request, after downgrading it to BBB from BBB+, just as Beazley was gearing up for a retail bond roadshow in London later this week.
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Westpac Banking Corp returned to domestic investors this week for a A$1.25bn ($1.29bn) bank capital deal, managing to double the size of a bond it has falling due later in the year.