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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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Austria’s ÖVAG will buy back 84% of a preferred security in a tender offer designed to top up its capital, and has received bondholder consent to remove a dividend stopper.
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National Australia Bank made its dollar debut late on Tuesday afternoon. Leads Commonwealth Bank of Australia (CBA), Westpac Banking Group and Australia and New Zealand Banking Group priced a $1.25bn five year 144A/Reg-S trade at 100bp over mid-swaps, a 5bp new issue premium.
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Spain’s Banco Sabadell and Liberbank announced plans to swap retail holders of subordinated paper into equity and senior unsecured this week — and both plan mechanisms to get investors to hold the output securities for four years.
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Fears over creditor burden-sharing in Spain’s troubled banks grew this week, despite the first liability management exercises since the government sought €100bn in European help being par for par deals.
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The US put an end to uncertainty over if or when it would implement the Basel III framework last week, when the Federal Reserve launched a consultation on new capital rules.
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Amid the confusion and questions surrounding Spain’s decision to ask for a €100bn European-funded bail-out for its banks this week was the issue of the recapitalisations themselves.