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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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BNP Paribas has extended by three days the deadline for investors to participate in its sterling and euro denominated sub for senior exchange and cash tender offers, citing procedural reasons.
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Contingent capital securities with temporary write-down features have been blessed by MEP Sharon Bowles, who has dubbed them yo-yo Cocos.
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Bank capital managers and hybrid structuring specialists were left on tenterhooks this week as they waited for the European Banking Authority’s common term sheet on contingent capital instruments.
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Swiss banks rushed over Sfr600m of old-style lower tier two debt into the market just a week after local regulator Finma announced that subordinated notes lacking non-viability clauses will not count as eligible capital after the end of this year. Banca dello Stato del Cantone Ticino, Raiffeisen Switzerland and St Galler Kantonalbank all tapped investors for new capital at attractive levels.
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The European Commission has given Spain six months to put forward a restructuring plan for Banco de Valencia, after the country took over the bank and offered it €3bn of aid on Monday.
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The Irish Department of Finance moved ahead with its promise to take "whatever steps necessary" to generate core tier one for banks this week, by opening a consultation on fully writing off six Bank of Ireland subordinated securities.