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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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Barclays’ bold step into contingent capital this week has revived hopes for the asset class, with market participants saying it was all but certain that UK regulators would have sanctioned the securities for inclusion in regulatory capital ratios — even though they have not yet done so publicly, writes Katie Llanos-Small.
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Two UK bank regulators displayed differing attitudes to risk measurement and capital ratios this week. The Financial Services Authority’s Andrew Bailey defended risk-based models to calculate capital requirements, while the Bank of England’s Andrew Haldane called for simpler methodologies.
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Intesa Sanpaolo left some investors out in the cold this week after it stuck to the cap on its controversial liability management exercise, buying back €1.8bn equivalent of tier two debt compared to the €2.2bn investors tendered.
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The FSA’s Andrew Bailey has defended the use of risk based models to calculate bank capital requirements, but also called for simplicity in the system.
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Intesa Sanpaolo has stuck to the cap on its liability management exercise, accepting €1.8bn equivalent of tier two securities, despite investors tendering €2.2bn of bonds for the exchange.
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The currency and maturity structure of a new contingent capital instrument being proposed by Barclays is still to be decided, but the security is set to have a 7% write-down trigger and feature a tier two host, EuroWeek Bank Finance understands.