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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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Dexia Crédit Local and NIBC Bank are offering to buy back tier two bonds in capital-generating liability management exercises.
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Standard Chartered’s 10 year euro subordinated bullet performed well in the secondary market on Wednesday, garnering praise from bankers for its smooth execution and granular orderbook. Meanwhile, Asian accounts continued to pile into Allianz’s perpetual non-call six year sub bond overnight, pushing the book to over $11bn.
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Depfa is offering investors 1 cent on the euro to approve a mandatory buyback of preference securities well below par.
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Allianz stormed into the Asian dollar market for subordinated debt with a perpetual non-call six year issue on Tuesday, turning last week’s roadshow and Monday’s investor calls into more than $8bn of orders. By contrast, Standard Chartered hit the euro market with less fanfare, launching a euro denominated tier two bond later in the morning.
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Allianz is looking to price a perpetual dollar Reg S deal this week after announcing the deal’s structure on Monday. More dollar denominated subordinated debt could come to market this week, bankers say, although Coventry Building Society and SNS Bank are looking at possibilities for euro senior unsecured issuance.
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Abu Dhabi Islamic Bank’s recently issued Basel III compliant hybrid tier one sukuk performed well in secondary markets this week, fuelling speculation that the first-of-its-kind deal could encourage further supply.