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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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Market expectations are low ahead of the EBA’s Thursday afternoon announcement on bank recapitalisations, with bankers saying the contingent capital instrument that will be unveiled may be a tough sell for many banks.
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Banco BPI offered to buyback a €250m preference share at around half of face value on Wednesday, the latest liability management launch as European banks push for core capital gains. The announcement came as Morgan Stanley warned that European bank deleveraging could reach €3tr over the next two years, in part driven by capital needs and funding difficulties.
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Barclays Bank on Monday night joined the year-end rush to launch liability management exercises, with a tier one buyback at below par, boosting the bank’s core tier one ratio. Banque Fédérative du Crédit Mutuel is also out with a below par buyback of a tier one security.
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Banco Financiero y de Ahorros has created around €260m of capital in a buyback, but market participants questioned the success of the innovative, un-priced modified Dutch auction structure that was used.
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BNP Paribas and Société Générale have booked small gains towards their core capital ratios after wrapping up liability management exercises on Friday.
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Espirito Santo Financial Group launched its latest tender and exchange offer on Monday, this time targeting €500m of step-up notes and warrants for cash or new convertible bonds.