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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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Fitch cut ratings on over 1,000 bank capital securities on Thursday night as it introduced its new rating criteria. A smattering of ratings remained stable or were upgraded.
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After one day of bookbuilding, Credit Suisse on Thursday morning revised the minimum size for its self-led 10 non-call five year tier two buffer capital note (BCN), from Sfr250m to Sfr400m, on the back of strong investor demand. It also set the coupon at the middle of the price range, at 7.125%.
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Macquarie Bank is hitting the road this week to pitch a $500m tier one hybrid, becoming the first bank across Asia Pacific to attempt a Basel III-compliant deal in the international market. The bank is planning a perpetual exchangeable deal, and will update investors this week on the structure.
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Macquarie Bank is attempting a novel tier one hybrid bond, aiming to raise $500m from a deal that will use an exchangeable option to take out investors. It will be the first dollar bond from any Asia Pacific bank that has been designed with Basel III standards in mind.
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Increasing encumbrance of balance sheets is at risk of sidelining senior unsecured investors in a default scenario, especially in the wake of the European Central Bank’s second three year long term refinancing operation (LTRO), said analysts at Barclays Capital on Thursday. Bankers said encumbrance was becoming more of an issue for investors, but some senior buyers said it would be eclipsed by incoming bail-in legislation.
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Bank of East Asia made its debut in Singapore’s local bond market this week, boosting its capital levels with a lower tier two issue — and achieving a big saving over what it would have paid in the dollar market.