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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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Bookrunners for UniCredit’s €7.5bn rights issue were adamant on Monday that the shares and rights would stabilise as the cheap valuation came to the fore. On Tuesday morning their confidence appeared justified — the shares rallied 6.7% to 12.00 GMT and the rights soared 77% to close the gap to their implied price.
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Banco Santander has transferred a 4.41% stake in its Brazilian subsidiary to an undisclosed counterparty in one of several measures that have helped it meet the European Banking Authority’s 9% core equity tier one ratio.
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Front-running the 30-odd European banks that have to increase their capital ratios by June, UniCredit revealed terms on its crucial €7.5bn rights issue on Wednesday. But it encountered a torrid reception, revealing just how difficult it will be for banks to secure institutional investor support for bank recapitalisations this year.
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Switzerland’s EFG International has extended the deadline for holders of a tier one note to exchange it into a Basel III compliant tier two bond, citing delays over the holiday period.
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Market pressure could force Spain’s banks to take upfront provisions of €50bn against non-performing real estate loans — rather than over several years as suggested by the country’s finance minister — analysts and bankers have warned.
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