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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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Deutsche Bank took a bright view on European banks this week, saying that deleveraging would hit an inflection point in 2014. But the optimism clashed with a report from law firm Allen & Overy, which said credit was being squeezed by new regulations.
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Banco Popular Español is offering to buy €702.7m of its tier one and tier two instruments at a small premium to market value, in a transaction that Standard & Poor’s has branded a "distressed exchange".
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UniCredit and Assicurazioni Generali this week proved that Italian credits are beginning to decouple from the European periphery, with Generali building a €9bn order book for its well-flagged subordinated bond and UniCredit hitting the market two days in a row — first re-opening its recent tier two bond and then printing a five year senior deal that came flat to its secondary curve, writes Will Caiger-Smith.
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Government-owned Austrian lender Hypo Alpe Adria International Bank printed €1bn of 10 year bullet tier two capital, guaranteed by the state, on Thursday.
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Standard & Poor’s has labelled Banco Popular Español’s buyback of subordinated debt and preference shares as a distressed exchange, citing not just the low buyback price but also the broader context of Spanish bank capital raising.
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Italian insurer Assicurazioni Generali on Wednesday bolstered its capital with a €1.25bn 30 year non-call 10 subordinated issue, in a deal that represents new — rather than replacement — paper.