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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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French reinsurer Scor increased its recently issued hybrid security by Sfr65m on Monday, bringing the total size of the issue to Sfr315m ($337m).
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As the market prepares itself for official figures on the capital deficit at Spain’s banks, JP Morgan analysts have revised down their estimates on how much equity the country’s lenders need. The bank calculated on Monday that Spain’s banking sector would need €56bn of capital, some 8% less than the analysts’ earlier estimates.
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Erste Group Bank became the latest in a string of financial institutions to tap demand among Asian retail and private banking clients on Monday, opening books on a dollar-denominated lower tier two deal with initial pricing thoughts in the mid to high 6% area. A euro transaction is also on the table, in the wake of investor meetings in the region last week.
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Hong Kong'S Citic Bank International raised $300m from a lower tier two bond last week, becoming the third Asian bank to issue old-style subordinated debt this month as the region’s lenders try to beat impending Basel III rules.
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Korea Exchange Bank reopened the three year curve for Korean lenders in the international bond market, raising $300m — and pulling off a record coupon after generating around $4bn of demand.
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Austria’s Erste Group Bank on Friday made an early start on what is shaping up to be a busy week for Asian-targeted subordinated debt, unveiling the structure of a 10 non-call five year tier two instrument which it plans to sell next week.