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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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Yorkshire Building Society is set to buy back a large chunk of privately placed capital instruments, having achieved an impressive take-up in a liability management exercise intended to strengthen its capital base. Elsewhere, BayernLB and Standard Chartered have also bought back subordinated debt.
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Raiffeisen Bank International is issuing €290m of new lower tier two paper, after investors tendered almost 50% of an old upper tier two bond in an exchange offer. The exercise will help minimise loss of capital treatment under Austrian regulation and saves the issuer money on a new style tier two issue.
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International buyers and domestic investors came out in force for UniCredit’s tier two bond on Monday, showing their support for the first peripheral Europe capital deal in over a year. The deal widened in secondary trading on Thursday against a softer market backdrop, but bankers were pleased with the deal’s diverse distribution.
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UniCredit became the first peripheral European borrower to tap the tier two market for over a year on Monday, opening books on a 10 year bullet after getting a strong response from European investors in a roadshow last week.
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