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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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Cheung Kong Infrastructure issued a $300m hybrid bond at the end of last week, closing the deal a week after it had been delayed by a listing hiccup with the Luxembourg Stock Exchange.
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Reverse enquiry drove Commerzbank to launch a debt for equity swap on Thursday morning, which could generate as much as €1bn of core tier one capital for the bank.
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Dexia Bank Belgium and Austria’s BAWAG are tendering for tier one notes, as the trend for banks to buy back subordinated paper below par to generate capital steams ahead. The deals were announced the same as Greece’s EFG Hellas reported a strong take-up on its own buyback.
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Bankers are expecting more tier two issues from European banks, particularly Scandinavian issuers, after Pohjola printed a €500m bullet 10 year on Monday.
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Finland’s Pohjola Bank was marketing an old-style tier two bond at 340bp over mid-swaps on Monday, following a similar deal from regional champion Nordea three weeks earlier.
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A previous tender offer, a rallying market and competing liability management exercises limited investor participation on UBI Banca’s tier one buyback last week to 22% of eligible paper.