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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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Banco de Crédito Social Cooperativo (BCC) was able to increase the size of its latest tier two offering to €600m, after attracting a number of new accounts to a deal that will fund the repurchase of its existing deals in the format. -
Crédit Agricole asked holders of its sterling additional tier one (AT1) to exchange their bonds for new notes on Thursday, which will recognise the regulatory order after Brexit and will reset the debt to pay to a rate based on Sonia rather than Libor.
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Finland’s Aktia Bank sold its inaugural additional tier one (AT1) note this week, raising a small sized deal with a sub 4% coupon.
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The FIG market paused on Wednesday to take stock of inflation fears and weaker market sentiment, but a pipeline of issuance is building, including Spain's Banco de Crédito Social Cooperativo (BCC), which has put out a market update after it received disparate indications of interest ahead of its return to the tier two format.
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The European Central Bank issued several warnings about the banking sector in its Financial Stability Review (FSR) this week, as it drew attention to corporate zombification, a new capital markets exodus and an undesirable tightening in lending standards.
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Long call periods are now an established feature in bank capital products, but the benefits should also apply to the senior market, particularly when it comes to riskier borrowers beginning their MREL journeys.
