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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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Europe’s banks rallied around to support a €7.5bn rights issue for Italy’s UniCredit on Monday — showing such enthusiasm to underwrite that the issuer was able to resist pressure from others to make changes to the terms of their commitments.
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Banco Espirito Santo’s much anticipated debt for equity exchange offer, launched on Monday, is largely in line with expectations and investor friendly but comes with a warning on the outlook for hybrid coupon payments.
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Norway’s SpareBank SR-Bank, the country’s biggest savings bank, raised Nkr1bn ($175m) of core capital this week, issuing a next generation hybrid tier one deal on Thursday.
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Spain’s La Caixa is tapping retail investors for tier two capital, offering a five year bullet issue at 7.5%.
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As Banco Espírito Santo shareholders vote on Friday on a debt-to-equity swap, and Espírito Santo Financial Group executes a similar operation worth over €300m, bankers say liability management will be an important tool for generating core capital through to year end.