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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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Lloyds Banking Group received submissions of £3bn equivalent for its lower tier two exchange this week — a take-up of 61%. Dealer managers were Bank of America Merrill Lynch, Deutsche Bank, JP Morgan, Lloyds and UBS.
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Yorkshire Building Society on Friday became the first UK bank to repurchase government guaranteed debt issued under the country’s Credit Guarantee Scheme, introduced in 2008. The move allowed the UK financial to reduce the cost of its guarantee before the window in which borrowers can do so all but closes.
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Another big name joined banks’ recent raft of liability management deals this week as ING opened the last exercise of the year. The Dutch bancassurer announced a €5.8bn sub to senior exchange and tender at levels that rivals deemed generous.
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Spain’s CaixaBank joined the liability management flurry late on Thursday when it submitted documentation for the issue of as much as €1.47bn of mandatorily convertible bonds and €3.43bn of subordinated notes, aimed at holders of preference shares.
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Commerzbank has agreed to buy back €643m of trust preferred securities, becoming the first German bank to complete a stand-alone cash tender on tier one paper.