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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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Government-owned Austrian lender Hypo Alpe Adria International Bank was set to print €1bn of 10 year bullet tier two capital, guaranteed by the state, on Thursday.
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Italian insurer Assicurazioni Generali is set to price a new 30 year non-call 10 subordinated bond flat to its curve. Generous initial pricing thoughts of 8.125% encouraged strong demand from the start of the execution process, with over 550 investors placing orders.
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UniCredit took advantage of a rally in its recent 2022 tier two issue on Monday to reopen the bond, adding €250m at 498bp over mid-swaps to take the overall deal size to €1.5bn.
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Vakifbank is increasing its $500m 6% lower tier two 2022s and has released price guidance of 5.5% yield area for the new issue, representing around a 10bp new issue premium to where the outstanding deal was trading before the tap announcement. No size has yet been set for the note.
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UniCredit took advantage of tightening secondary market spreads on Monday, reopening its recent tier two bond with a minimal new issue premium. Meanwhile, Italian insurer Assicurazioni Generali was waiting for approval for its own tier two transaction, which is expected to launch this week.
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Lawyers at Allen & Overy have warned that incoming financial regulations are squeezing banking activity and have called for policymakers to work towards freeing up “beneficial credit”.