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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’ launch of a jumbo exchange or tender offer on Thursday afternoon perfectly illustrated the increasingly important role that liability management is playing for banks that are under mounting pressure to hit the European Banking Authority’s new 9% core tier capital target in June 2012.
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Aviva’s US retail targeted tier two offer is understood to be the first insurance hybrid that aims to comply with Solvency II issued in that market.
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Bradford & Bingley, Northern Rock Asset Management and SNS Bank have joined the stream of banks launching liability management exercises this week, taking advantage of depressed secondary market prices to book gains to core capital.
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Banco Popolare di Milano shares on Wednesday fell perilously close to the offer price for the bank’s €800m rights issue that closes on Friday, after declining 13% in early trade. The nerve-jangling sell-off was caused by traders taking advantage of the first opportunity they had to sell the stock that they will receive from exercising rights ahead of its delivery on Monday.
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Banco Santander has sparked a fiery debate in FIG markets with a jumbo lower tier two for senior exchange that came with indications that the bank may not call the bonds at the first opportunity.
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Espirito Santo Financial Group is set to issue 27m new shares — equal to almost 26% of its share capital — after investors tendered €375m of subordinated securities for equity exchange.