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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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Investors tendered a quarter of the bonds eligible for Banco Santander’s €5.5bn and £1.1bn subordinated-for-senior exchange, the bank revealed on Thursday. The results re-opened a long-simmering debate over what makes a successful liability management exercise and the likelihood of issuers calling deals in the future.
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Sweden has become the latest European country to outline its national finish for bank capital, calling on Friday for its four biggest financial institutions to hold a 5% capital buffer on top of Basel III requirements.
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Banco Santander’s exchange offer has the market on tenterhooks, with the result due on Thursday afternoon. The Spanish lender last week offered to swap nine tier two bonds at cash prices between 87 and 99.5 into a four year senior unsecured bond. The offer, through dealer managers Morgan Stanley and Santander, closed on Wednesday.
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The Irish Department of Finance is set to deliver on its promise to take “whatever steps necessary” to generate core tier one for banks, by opening a consultation on fully writing off six Bank of Ireland subordinated securities.
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BBVA on Wednesday filled in the last piece of its capital jigsaw, announcing plans for an up-to-€3.5bn exchange of preference shares for short-dated mandatory convertible bonds. It effectively provides a capital increase at prevailing market prices without the bank needing to ask shareholders for the funds.