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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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Temporary write-down mechanisms are among the points of contention highlighted by market participants responding to the European Banking Authority’s consultation on new-style hybrid tier one instruments.
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Norddeutsche Landesbank has pioneered a synthetic securitisation that it says acts as contingent capital, and could be a blueprint for other banks without public listings.
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US prime money market funds have slashed their exposure to eurozone banks to an all time low. But they are shifting their attention towards Nordic banks, which are breaking records in the euro commercial paper market.
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Credit Suisse achieved a higher than expected take-up for its any-and-all capital buyback, hitting a 32% participation rate across the 11 securities targeted and buying back around $2.05bn of bonds.
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Credit Suisse on Wednesday announced the reference yields and purchase prices for its buyback of two US dollar lower tier two bonds, with the results of the tender due later in the afternoon.
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Tier two from banks in core jurisdictions took a ratings hit from Standard & Poor’s on Tuesday, but remained investment grade. Downgrades of capital securities are being watched closely because of worries that appetite for paper that falls below investment grade will be light.