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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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The Swiss approach to the use of contingent capital instruments is likely to be a benchmark for other regimes, judging by the outcome of a peer review of Switzerland’s financial system by the Financial Stability Board, a global body that coordinates regulatory work across the world.
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BNP Paribas on Thursday launched a tender offer for €3bn of convertible and subordinated hybrid equity-linked securities (Cashes) issued by Fortis Bank, in a deal that unwinds a complex arrangement underlying the 2009 restructuring of the Dutch lender. The go-ahead for the transaction depends on the bank getting a 50% acceptance rate, which is no certainty given some outright investors’ hesitation to sell, according to one equity-linked specialist away from the deal.
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Swiss Re this week followed in the footsteps of Zürcher Kantonalbank, launching a debut new-style subordinated perpetual convertible note on Thursday, a Sfr200m minimum 7.25% non-call five year.
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Capital and liquidity are not luxuries, Aegon said this week after it returned to the US dollar retail market following a five year absence with a tier two issue.
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The European Commission on Tuesday gave its clearest signal yet that it will be tolerant of banks that resort to government funds to reach the European Banking Authority’s 9% core capital ratio, which is required by the end of June.