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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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Credit Suisse will raise Sfr3.8bn from a new mandatory convertible bond after choosing a structure that allows it to issue around 18% of its existing share capital at close to the market price while giving shareholders some pre-emption rights and getting immediate core equity tier one treatment.
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Intesa Sanpaolo is targeting almost €10bn of subordinated securities and more than €22bn of senior unsecured paper in a below par buyback offer.
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Credit Suisse’s contingent capital securities tightened by 125bp on Wednesday morning and its equity rallied over 6% as it announced a swathe of measures to boost its solvency.
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Credit Suisse launched a cash tender offer on Wednesday, having a second go at buying back some tier one and tier two securities targeted in a buyback in March and adding a capped offer for senior notes.
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Spain’s new central bank governor acknowledged on Tuesday the potential for subordinated bondholders to take a hit as the country’s lenders are bailed out. Luis Linde, who took over as head of the Bank of Spain last month, put the politically sensitive issue of burden sharing on the table in a speech to the Spanish parliament, in which he also catalogued what he saw as the country's supervisory failings in the last decade.
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Investors tendered three quarters of paper eligible for Santander UK’s capital buyback offer, pushing the lender to increase the cap on the deal to accommodate strong demand.