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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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A threat by Moody’s on Thursday morning to downgrade UBS by three notches has knocked the shine off the Swiss bank’s groundbreaking tier two instrument, pushing the bonds down to a cash price of 97.5 on Thursday morning.
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DBS Bank sold S$1bn ($791m) of lower tier two bonds this week, getting demand from a spread of different investors while bolstering its capital levels for the first time in more than a year.
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Strong demand from private bank investors had driven order books on UBS’s contingent tier two note to $5.5bn by late morning on Wednesday, allowing leads to bring pricing 25bp in from initial guidance.
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Investors placed more than $1.5bn of orders for UBS’s contingent tier two instrument by late morning on Tuesday, after the Swiss bank ended speculation over pricing on the innovative capital deal by releasing initial thoughts of 7.5% area yield. But opinion was divided on whether the write-down risk premium was being correctly priced.
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Banco Financiero y de Ahorros, the parent company of Bankia, is preparing a €1.3bn debt for equity swap in an effort to improve its tier one ratio to comply with the EBA’s 9% core capital requirement and new Spanish provisioning rules.
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The expected low trigger tier two contingent capital issue from UBS is being keenly watched by the bank capital community as an influential test case for instruments with permanent writedown features.