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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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FIG bankers say that the heavy demand seen for Nordea’s lower tier two issue is leading other banks to look at their options for callable non-step issues, but they warn that the floodgates are not open yet.
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Bank liability management is set for a second wind, as issuers continue launching deals — Lloyds TSB Bank and Catalunya Banc became the latest on Thursday — and after the Bank of Italy loosened its stance on buybacks and exchanges.
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Nordea Bank’s 10 year non-call five lower tier two deal is being watched closely as a test of the market for non-step subordinated debt issues.
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BNP Paribas held firm on Friday amid a bondholder rebellion as investors spurned a cash tender offer it made earlier in the week for €3bn of Fortis Bank convertible and hybrid equity-linked securities (Cashes).
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Commerzbank has launched a synthetic securitisation of its Mittelstand loan portfolio, aiming to sell €160m of equity risk and €30m of mezzanine risk as part of frantic efforts by the bank to fill its €2.3bn capital hole.
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Crédit Agricole and UniCredit offered to buy back up to €5.1bn of subordinated debt this week, highlighting the fact that despite January being a crucial month for funding, capital remains top of the agenda for Europe’s largest financial institutions.